The US Green Deal and the new “EU taxonomy for sustainable activities” are putting pressure on businesses to manage their carbon emissions. The obligation to set GHG emissions targets is now trickling down from large corporations to their suppliers. However, it is currently hard, especially for SMEs, to measure carbon emissions.
Greenly, a Paris-based fintech startup, was founded to solve this problem. Alexis Normand, CEO, and co-founder, says, “Greenly’s vision is that all companies should play a role in fighting global warming. You cannot improve something you don’t measure. But you also need simple tools that any SME can use to make this measure and reduction within reach. So we had to invent software that merges financial and carbon accounting. We are proud to contribute to this revolution.”
Greenly’s mission is to accelerate the development of the technology to enable each player – whether companies, banks, or private individuals – to better monitor and control their CO2 emissions. The company’s platform automates carbon accounting in full compliance with international reporting standards (CDP, GHG, and TCFD). The platform wants to target SMEs rather than large enterprises as a way to disrupt the industry. It is already used by more than a hundred scale-ups and unicorns in France.
Greenly was founded in 2019 by Alexis Normand, ex-head of B2B at Withings and Nokia Digital Health, Matthieu Vegreville, CTO, X-Telecom, former data scientist at Withings & Embleema, and Arnaud Delubac, UX/UI, ESSEC-Centrale, INSEEC, formerly part of the French Prime Minister’s digital communication team.
One of Greenly’s key added values is to automate carbon analytics, using data accessible through APIs, namely accounting data or billing information from significant GHG emission contributors. The company has developed an AI-powered analytics & recommendation engine to suggest practical ways to reduce one’s emissions, for example suggesting less carbon-intensive alternatives to suppliers.
AI-powered SaaS to help companies reduce carbon footprint
For a tech company, digital services typically represent 50 percent of its emissions, for instance, because of electricity consumed by data centers running on carbon-intensive energy sources. This is usually the case for Amazon Web Service. By using costing APIs from such services, Greenly can automate tracking of carbon emissions and recommend mitigation measures automatically by suggesting hosting data in a less carbon-intensive State or minimizing the usage of machines that consume far too much energy. Greenly thus offers its customers the possibility of setting Science-based target by activity type in order to align the company’s footprint with the path set by the Paris Agreement on climate change. Besides, the company’s software also trains users on the fundamentals of climate change and corporate climate strategy, even gamifying carbon reduction initiatives through in-app challenges.
Article taken from Silicon Canals.
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The Banq team