How Will NatWest & NAB-Backed FourTwoThree Cut SME Scope 3?

As global climate targets grow more urgent, businesses are under increasing pressure to decarbonise not just their own operations, but their entire supply chains.

For most large enterprises, the majority of their carbon footprint—often more than 70%—comes from indirect emissions generated by small and medium-sized enterprises (SMEs) within their value chains. 

Yet, these SMEs frequently lack the resources, data and support needed to measure and reduce their emissions. 

Bridging this gap is essential for meaningful climate progress, and it’s exactly where FourTwoThree, a new smart climate action platform, steps in.

Backed by strategic investments from NatWest Group, National Australia Bank (NAB) and SC Ventures, FourTwoThree aims to empower organisations of all sizes to measure, understand and reduce their carbon emissions—unlocking the collaboration needed to tackle the climate crisis at scale.

"Climate action becomes possible when we make it accessible," says Glyn Baker, CEO at FourTwoThree. "With regulatory, shareholder and customer pressure building on large enterprises we know that the demands on their SME networks are increasing. SMEs play a crucial role in the global economy, representing the majority of commerce, employment and GDP. We have the user data and engagement to enable those businesses to accelerate their journey towards a sustainable global transition. Connecting SMEs to better support, accessible financing and emerging climate innovation will simply make them better and more engaged customers, suppliers and employers."

Addressing the SME challenge in the race to net zero

The urgency for collective climate action has never been greater. 

According to recent research from the University of Cambridge, half of the estimated US$100tn investment required to decarbonise global supply chains by 2050 must be directed toward small and medium-sized enterprises (SMEs). 

These businesses form the backbone of the global economy, accounting for the majority of commerce, employment and GDP. Yet, they often lack the resources and support to effectively measure and reduce their carbon footprints.

FourTwoThree is purpose-built to address this critical gap. The platform enables banks, insurers, enterprises and governments to support their SME partners in cutting emissions, reducing costs, and building more resilient supply chains. 

This is especially vital for managing Scope 3 emissions—those indirect emissions that occur across a company’s value chain—which can represent more than 70% of an enterprise’s total carbon footprint. Tackling these emissions requires robust partnerships between large organisations and their SME suppliers, grounded in trust, simplicity and mutual benefit.

A platform built on collaboration and credibility

The name FourTwoThree is inspired by the peak atmospheric CO₂ levels—423 parts per million—recorded when the founding team first connected. 

The platform itself is the result of a unique collaboration between NatWest Group, NAB and SC Ventures, who have combined their market insights and experience to create a solution that meets the stringent requirements of today’s financial institutions. 

FourTwoThree is designed to integrate seamlessly with existing bank infrastructure, ensuring compliance with rigorous standards for risk, security and performance.

At its core, FourTwoThree offers a data-driven platform that provides large institutions with reliable climate data to enhance competitive advantage, manage risk, and meet emerging sustainability reporting standards. 

For SMEs, the platform delivers an intuitive, easy-to-use digital experience—automating carbon footprint calculations and offering personalised guidance and recommendations. This two-way value exchange is essential for unlocking the collaboration required to make meaningful progress on sustainability goals.

FourTwoThree is supported by Valtech, a leading technology partner, and built on Amazon Web Services (AWS), ensuring enterprise-grade security and scalability. The platform leverages the collective learnings of its founding partners to create a modern ecosystem that connects enterprises with their SME customers and suppliers, fostering engagement and accelerating climate action.

Turning ambition into action

FourTwoThree’s mission is clear – to turn business climate ambition into meaningful action.

By providing a platform that supports both large corporations and SMEs – especially those with mandatory Scope 3 reporting requirements – FourTwoThree is poised to play a pivotal role in helping organisations across the value chain reduce emissions and track progress toward a sustainable future.

"The announcement of FourTwoThree reflects NWG’s commitment to collaborative innovation, bringing together a group of global partners to co-create a platform that is not only technologically robust but deeply attuned to the needs of SMEs,” says David Grunwald, Director of Innovation and Partnerships, NatWest Group.

“With this collaboration and collective understanding of the climate challenge, FourTwoThree will empower businesses of all sizes to take meaningful climate action, unlocking real commercial value across multiple supply chains"

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