Behind BeZero: The Carbon Ratings Agency of the Moment

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BeZero Carbon is a carbon credit ratings agency for the voluntary carbon market, a USP which has just earned it US$32m in funding | Credit: BeZero Carbon
BeZero Carbon has received US$32m in funding which will support its expansion into compliance markets like CORSIA and enhance its automation and growth

Global carbon ratings agency BeZero Carbon has announced the successful completion of a US$32m Series C funding round - money which will help the blossoming company expand its operations across the world.

The round, led by Singapore-based decarbonisation investment firm GenZero, also saw participation from Japan Airlines, the Translink Innovation Fund and existing backers including EDF Pulse Ventures, Hitachi Ventures and Intercontinental Exchange (ICE).

It's a huge amount of money, with a large number of eager investors, all of whom sense an opportunity to cash in on an exciting new business, steeped in sustainability.

With all that said – what exactly does BeZero do, and what does this moment mean for the wider world?

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Transforming carbon markets

Since its launch in 2022, BeZero Carbon has aimed to address a critical issue within the carbon markets: the disconnect between the price of a carbon credit and its climate impact.

The company’s ratings platform provides an 8-point scale that measures project quality and risk, creating a benchmark for price premiums.

“When we launched, there was no correlation between the climate impact of a carbon project and the price of a carbon credit,” said Tommy Ricketts, CEO and Co-Founder of BeZero Carbon. “Now, every incremental notch on our rating scale commands an average 40% price premium.”

BeZero’s platform offers ratings, data and scientific analysis for more than 480 carbon credit projects, catering to more than 100 corporate subscribers globally. Customers include UBS, Sumitomo, Emirates NDB, Equinor and Woodside Energy.

The platform’s reach extends across more than 40 platforms, including Bloomberg, with a presence in over 30 countries.

Tommy Ricketts, CEO and Co-Founder of BeZero Carbon | Credit: BeZero Carbon

How BeZero plans to grow

The new funding will allow BeZero to expand its ratings coverage across domestic and sovereign compliance markets, as well as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

These initiatives align with the growing reliance of organisations and governments on carbon markets to meet net zero goals. According to BeZero, a US$100bn carbon market could support 17 million jobs globally and channel US$700bn annually into climate action.

The company also plans to invest in automation, particularly the application of Artificial Intelligence, to enhance the scalability of its data and analytics offerings. BeZero’s team of climate and data scientists will play a central role in these advancements.

Sebastien Cross, Chief Innovation Officer and Co-Founder of BeZero Carbon, emphasises the importance of building trust in carbon markets. “Our ratings are quickly becoming a key part of global carbon market infrastructure,” he says.

“Their use continues to grow as market participants seek solutions to bolster integrity.”

Sebastien Cross, Chief Innovation Officer and Co-Founder of BeZero Carbon | Credit: BeZero Carbon

Why Singapore is the world leader for carbon markets

BeZero’s decision to strengthen its presence in Singapore reflects the city-state’s prominence in carbon market innovation. Now, Sebastien has relocated to Singapore temporarily to facilitate the company’s regional expansion.

“Singapore is a world leader in innovating and nurturing carbon markets,” he says. “I’m excited to cement our presence here and in the broader region.”

Frederick Teo, CEO of GenZero, a climate investment platform, is a firm believer in BeZero’s ability to inspire confidence and transparency within carbon markets.

“By leveraging data, internal scientific expertise, and methodological insights, BeZero’s work will catalyse more capital and demand,” Frederick explains. “We welcome BeZero’s presence in Singapore as we develop a global carbon ecosystem here.”

Frederick Teo, CEO of GenZero | Credit: Frederick Teo

The link to the aviation industry

The aviation industry, represented in this round by Japan Airlines, is increasingly looking to carbon markets to offset its environmental footprint. Takao Suzuki, Executive Officer and Senior Vice President for Innovation at Japan Airlines, has praised BeZero’s contribution to the sector.

“We believe BeZero’s carbon ratings enhance the transparency and reliability of the carbon market, attracting greater capital and broader participation,” he says.

“Through our collaboration, we aim to foster the development of a robust carbon ecosystem and accelerate progress towards achieving net zero CO2 emissions.”

Takao Suzuki, Executive Officer, Senior Vice President for Innovation at Japan Airlines | Credit: Japan Airlines

A boost for UK climate techs

The investment has also been hailed as a testament to the UK’s burgeoning green technology industry. BeZero, headquartered in London, maintains subsidiaries in New York and Singapore, reflecting its global focus.

Baroness Gustafsson OBE, the UK’s Minister for Investment, describes the funding as a “huge vote of confidence” in the country’s innovative green tech sector.

Baroness Poppy Gustafsson, the UK’s Minister for Investment

“This investment is exactly the kind we want to see as we grow the economy and transition to net zero,” she says.


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