15 March 2023, London, UK
- ClearSky enhances its corporate sustainability solutions by partnering with leading
carbon accounting provider CarbonChain.
- Companies will be able to accurately track, reduce and offset greenhouse gas (GHG) emissions across the entire commodity supply chain.
- This comes amid increasing demand for low-carbon products and services, tightening carbon reporting and regulatory demands, and enables companies to achieve their environmental goals while maintaining operational efficiency and flexibility,
- The partnership combines ClearSky’s and CarbonChain’s market-leading expertise, which together covers commodities, supply chains, carbon footprinting, environmental finance and carbon offsetting.
ESG compliance and climate action are now a business imperative. Business leaders are increasingly embedding carbon risk and impact management into their core strategies, as stakeholders demand disclosure and action.
The pressure is greatest for companies with operations or supply chains in the carbon-intensive global commodities sector, which accounts for well over 50% of the world’s GHG emissions. In 2021, CDP reported that companies could face US$120 billion in costs from environmental risks in their supply chains within the next 5 years. As well as the physical disruption of severe weather on supply chains, workforces, and operations, there are major reputational and regulatory business risks.
Scrutiny is mounting on companies over the quality of their offsets, the credibility of their net-zero or sustainability claims, and the accuracy of their carbon accounting. Recently, this has resulted in boards and investors motioning to oust CEOs, and legal action being taken on institutions like Deutsche Bank.
Yet, businesses and financial institutions face significant challenges complying with carbon reporting and regulatory demands, with the lack of good quality, verified emissions data and unified global standards. Meanwhile, more countries and regions are set to adopt tighter legislations (for example, G7 backing mandatory disclosure, climate stress tests for banks, and the upcoming EU Carbon Border Adjustment Mechanism).
To tackle these risks, ClearSky offers companies a broad range of products and services for their sustainability journeys. Its consultancy, offsetting and environmental finance solutions help companies ensure quality and credibility in their carbon management strategy.
Now, with CarbonChain’s best-in-class carbon accounting software, ClearSky clients across the commodities value chain (from producer to trader to manufacturer) can get highly accurate, fast and independently verifiable Scope 1-3 carbon footprints with asset-level emissions tracking—along with industry benchmarking and KPI-setting and tracking.
With these actionable insights, companies can strengthen their carbon reduction and procurement strategies, fulfil reporting demands, and ensure accurate assessment of offset purchases.
Adam Hearne, CEO & Co-Founder, CarbonChain, says:
“Information is particularly fragmented and opaque across global supply chains and in the extractive industry, making accurate asset-level carbon data extremely challenging to obtain. Consequently, companies depend too often on broad-based estimates and incomplete data, with a lack of transparent methodologies.
This partnership brings world-leading expertise together, as ClearSky helps clients navigate the complexity of the ESG landscape through high-quality financing and offsetting solutions. CarbonChain’s commodity emissions data can help these companies prepare for new and changing legislations and take action to reduce their emissions.”
Jeff Romanek, Director of ClearSky, says:
“Sustainability and carbon management is becoming essential , and the commodities market faces significant climate risk. Measuring emissions is the first step to tackling them. CarbonChain fills the critical data gap for verifiable end-to-end supply chain emissions information, from mine to port to customer. Our partnership will give clients the actionable insights they need to manage the net-zero transition.
ClearSky provides integrated carbon emissions solutions for businesses, enabling companies to quantify, reduce, and offset their environmental footprint. ClearSky was founded by global commodities merchant Concord Resources Limited, and MKS PAMP GROUP, an industrial and trading services group specializing in all aspects of the precious metals business. ClearSky’s leadership team combines best-in-class expertise and experience in institutional investment, trade finance and commodity trading. With a focus on heavy industry, manufacturing, transport and energy, ClearSky helps companies from all sectors to reduce and offset residual scope 1 and 2 emissions, address scope 3 emissions through our carbon accounting partners, offset solutions, and seize opportunities in the net-zero transition through environmental finance. Visit clearskyltd.com to learn more.
CarbonChain builds technology that puts carbon data at the heart of climate action in the world’s most polluting industries. Our Its AI-powered carbon accounting platform automates the tracking of supply chain greenhouse gas (GHG) emissions for companies, traders, and financiers in the highest-emitting sectors. With accurate, granular, asset-level data covering the end-to-end supply chain, our CarbonChain’s software unlocks unrivalled insight into carbon-related risks and opportunities in near real-time. This enables the most climate-critical sectors, and those who finance them, to tackle risks, manage emissions, and build resilience as they accelerate the transition to a net-zero economy. Founded in 2019, CarbonChain is a CDP accredited solutions provider, a TCFD supporter, and a proud member of ResponsibleSteel. CarbonChain was part of the Y Combinator Summer 2020 cohort and is supported by the UK government’s innovation arm (InnovateUK), the NatWest accelerator, and the London Business School Incubator. Visit carbonchain.com to learn more.