BeZero Carbon, a global carbon ratings agency headquartered in London, has announced a substantial $32m Series C investment round.
The round is led by GenZero, a decarbonisation-focused investment firm established by Temasek in Singapore, and includes participation from Japan Airlines and the Translink Innovation Fund. Additional support came from existing investors like EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund.
This funding initiative underscores the importance of independent, risk-based carbon project ratings, which serve as a quality measure within carbon markets. Since launching its ratings platform in 2022, BeZero has established a significant benchmark, where each increment on BeZero’s 8-point scale can command up to a 40% price premium on carbon credits.
BeZero’s platform is pivotal in the carbon markets, enabling access to ratings, data, and scientific analysis for over 480 carbon credit projects. With over 100 corporate subscribers worldwide, including giants like UBS and Woodside Energy, the platform’s reach spans over 30 countries across six continents. It is also available on more than 40 platforms, including Bloomberg.
The new funds will be channelled towards expanding BeZero’s ratings coverage to support compliance and voluntary carbon markets, including significant frameworks like Article 6 and CORSIA. Moreover, BeZero is set to enhance its technological capabilities, focusing on automation and the application of artificial intelligence, which will be supported by its expert team of climate and data scientists.
From its strategic bases in New York and Singapore, BeZero is also enhancing its global footprint. Notably, Sebastien Cross, BeZero’s Chief Innovation Officer and Co-founder, has relocated to Singapore to spearhead efforts in the Asia-Pacific region.
Tommy Ricketts, CEO and Co-founder of BeZero Carbon, highlighted the critical support of their customers: “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.”
Frederick Teo, CEO of GenZero, also commented on the strategic value of carbon ratings: “Carbon ratings play a pivotal role in ensuring integrity and transparency in carbon markets by providing independent, standardised assessments of quality. By leveraging data, internal scientific expertise and methodological insights to analyse carbon projects, BeZero’s work will foster greater confidence in carbon markets, and catalyse more capital and demand. We welcome BeZero’s presence in Singapore as we develop a global carbon ecosystem here and are excited to work together to build the critical infrastructure required for carbon markets to have impact at scale.”
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