Greenly aims to help SMEs track and reduce their CO2 emissions, raising $22 million

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Over the years, a growing coalition of countries, companies and institutions has set bold emissions targets, promising to reach net zero by 2050. However, tracking emissions is notoriously difficult because reporting criteria are non-standards and largely voluntary.

According to a recent Google Cloud survey, environmental, social and governance (ESG) initiatives were a top priority for 64% of executives surveyed, but 58% say their organization is greenwashing or giving the wrong impression suggest that their company’s products or practices are more environmentally friendly than they actually are.

While many leaders claim they want to improve their organization’s sustainability efforts, there is also a gap between how well they think they are doing on decarbonization and how accurately they can measure their performance.

Tracking carbon emissions

With a pivotal turning point in the climate crisis approaching, it’s no wonder there’s a thriving market for companies like Greenly, which help small and medium-sized enterprises (SMEs) calculate, reduce and offset their emissions. Greenly was recently selected from the FrenchTech Green 20 and says its main goal is to give companies control over their CO2 data and create tailor-made action plans that help them achieve their climate goals quickly and easily.

Founded in 2019 by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, Greenly is also entering a new phase of scaling, having just closed a $22 million Series A funding round co-led by Energy Impact Partners (EIP) and in Germany and France-based investment fund Xange.

With more than 400 corporate clients, France-based Greenly recently opened offices in the US to deploy its SaaS carbon management software to US SMBs. Unlike other climate management tools such as Persefoni, Watershed and Sweep, Greenly claims to focus exclusively on SMEs as they account for 80% of global emissions.

Automate carbon accounting

At the heart of the company’s vision, Greenly says that carbon accounting will one day become ubiquitous, on a par with, say, financial accounting.

Greenly’s technology is designed to automate data collection analysis by integrating with the accounting or billing data of over 100 different software solutions. These integrations make it possible to calculate the three emission scopes in real time. And thanks to an extensive library of more than 100,000 emission factors, the Greenly software is designed to convert these activities into emission measurements and generate a CO2 report in accordance with international standards (GHG protocol).

It’s no surprise that climate change weighs heavily on the minds of business leaders across industries. On a larger scale, this crisis is revealing the world’s crippling reliance on fossil fuels and how reducing our carbon footprint should be a global priority now more than ever.

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This post Greenly aims to help SMEs track and reduce their CO2 emissions, raising $22 million was original published at “https://venturebeat.com/2022/04/14/greenly-aims-to-help-smes-track-and-reduce-their-carbon-emissions-raises-22m/”

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