Sweep, the leading carbon management platform, today announces the launch of Sweep for Finance, the most advanced solution on the market for financial institutions to obtain a complete, real-time picture of investment emissions and collaborate with portfolio companies on reducing their climate footprint.
“Whether dealing with potentially time-consuming emission reporting or navigating changing regulations, investors need to support their portfolio companies in the low carbon transition. Collaboration in carbon data will be key to tackling these challenges, ensuring companies and investors can work together to track and reduce emissions.”
Rachel Delacour, CEO of Sweep said: “The finance industry can no longer afford to rely upon inaccurate estimates and assumptions. They need the right tools to accurately track emissions and inform their investment decisions and carbon reduction strategies. With access to reliable data, financial institutions will be able to confidently move towards their climate targets and report emissions following the latest reporting regulations and frameworks.”
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Fast-evolving climate disclosure regulations, including the Sustainable Finance Reporting Disclosure (SFDR) in Europe or the SEC proposed rules in the US, are adding reputational and compliance pressures to the existing complexity of managing financed emissions.
Sweep for Finance addresses these challenges by conducting industry-leading portfolio analysis following the Partnership for Carbon Accounting Financials (PCAF) methodology. Through CDP-based benchmarks, carbon assessments, and secured data collaboration features, it delivers comprehensive and fully auditable reports that meet any national or industry reporting requirements.
Marie-Anne Vincent, Sweep’s VP of Climate Finance said: “Whether dealing with potentially time-consuming emission reporting or navigating changing regulations, investors need to support their portfolio companies in the low carbon transition. Collaboration in carbon data will be key to tackling these challenges, ensuring companies and investors can work together to track and reduce emissions.”
Sweep’s network approach to carbon management has been supporting various organizations in their climate journey, including Coatue and 2050, an impact-focused VC fund. It’s been using its Connect feature to get a granular view of the emissions coming directly from its portfolio companies, identify emission ‘hotspots’ and take action to lower their collective footprint.
Marie Ekeland, founder of 2050 said: “Companies aligning their business interests with those of society and the planet will be the champions of tomorrow’s economy. Sweep is a solution-oriented company that is greatly helping companies to accelerate the sustainable transformation of the economy.”
Sweep currently works across a wide variety of sectors, from consumer goods to manufacturing, and is expanding its customer base across private equity firms, banks, and investors with its new Sweep for Finance platform.
After raising $100 million within 12 months of launching publicly, Sweep continues to grow and tailor its carbon management platform features to major greenhouse gas emissions-emitting industries. The company was ranked among the top 3 providers for carbon financial management in the Carbon Management Software Green Quadrant 2022 by the independent research firm Verdantix.