BeZero Carbon, a global carbon ratings agency, announced a $32 million Series C investment round led by GenZero, a Singapore-based global investment firm focused on decarbonization and founded by Temasek, to facilitate carbon markets through ratings.
Translink Innovation Fund and Japan Airlines also contributed to the round, according to a statement from BeZero.
Additional funding was also committed by current investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund.
The fundraise solidifies the function of project-level, independent, risk-based ratings as a quality indicator for carbon markets.
The additional funds will be used by BeZero to broaden its ratings coverage for these markets, which will collectively aid in directing funding toward the climate projects required for a sustainable future.
In order to provide ratings, data, and risk analytics at scale, BeZero will also keep investing in automation, including the use of artificial intelligence techniques, and its knowledgeable staff of climate and data scientists.
“The funds will allow us to sustain our pace of innovation and expand our ratings coverage to compliance carbon markets, such as Article 6 and CORSIA, and the voluntary carbon market,” said Tommy Ricketts, Chief Executive Officer and Co-founder of BeZero Carbon.
“Securing a Series C in the current climate is a huge vote of confidence in our brilliant team and independent carbon ratings,
“We wouldn’t be where we are today without the support of our fantastic customers who now more than ever rely on our ratings,” he added.
It should be mentioned that Sebastien Cross, the co-founder and chief innovation officer of BeZero, has moved to Singapore for the upcoming months.
“Our ratings are quickly becoming a key part of global carbon market infrastructure and their use continues to grow as market participants seek solutions to bolster integrity,
“Singapore is a world leader in innovating and nurturing carbon markets,” Cross said.
London serves as the home base for BeZero. It has subsidiaries in Singapore and New York, two major international financial centers.
The company’s ratings are accessible on more than 40 platforms, including Bloomberg, and it has clients in more than 30 countries on six continents.
More than 100 corporate subscribers worldwide, including UBS, Sumitomo, Emirates NBD, Equinor, Woodside Energy, and ERM, have access to ratings, data, and scientific analysis for more than 480 carbon credit projects through the BeZero Carbon Markets platform.
