Carbon Rating Agency BeZero Raises US$32 Million
The ultimate goal is to help the carbon market reach US$100 billion or more, provide more jobs, and fund different climate initiatives.
Their platform offers top-tier ratings, helping investors make informed decisions before putting their money into climate projects.
BeZero Carbon, a carbon rating agency for the voluntary carbon market, has raised US$32 million through a Series C investment round.
The investment led by GenZero includes support from Japan Airlines, Translink Innovation Fund, and other existing investors. This shows an ever-growing confidence in the role of independent carbon ratings in revolutionising the global carbon markets, which is crucial for achieving net-zero carbon emissions.
BeZero Carbon launched its carbon ratings platform in 2022, which assesses several carbon credit projects. When they started 3 years ago, they say, there was no connection between a project's climate impact and the price of its carbon credits.
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Now, things have changed. Ratings are highly valued today, with a higher rating commanding a price premium of about 40%. The company's platform includes data and analysis of more than 400 carbon projects and is used by several businesses globally, including companies such as UBS and Emirates NBD.
Using the proceeds, the carbon rating agency plans to expand into more markets. They will also bring in automation and AI to scale their operations and assess and manage carbon projects effectively.
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Tommy Ricketts, CEO and Co-founder of BeZero Carbon, said: “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.
"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.”
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Source: BeZero
