Luxembourg social enterprise supported by WWF, SustainCERT raises 8.6 million euros from Microsoft and others
Based in Luxembourg SustainCERT, a digital carbon emissions verification platform and official certification body of the Gold Standard for the Global Goals, announced that it had raised $ 10 million (approximately € 8.6 million) in a new round of funding.
The cycle was led by impact investment fund Citizen Capital and venture capital firm Innovacom. They were joined by the Microsoft Climate Innovation Fund.
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SustainCERT split from the Gold Standard Foundation in 2018 and raised seed money from the Gold Standard Foundation, World Wildlife Foundation (WWF) Impact Ventures, Blue Orchard, and the 1to4 Foundation, all of which now own a stake in the company.
Use of capital
The proceeds of this cycle will help SustainCERT support the next phase of growth. The company will invest in its technologies with major improvements expected from the digital monitoring, reporting and verification (MRV) application to unlock the real-time emission of carbon offsets.
Currently, SustainCERT is in the development phase of an emissions factor software that allows Scope 3 emissions to be counted, allocated and reported accurately among value chain actors. The company said a prototype is expected to be unveiled later this year, along with new infrastructure for SustainCERT’s digital MRV platform.
In addition, funds will also be invested in research and innovation, the Value Change Initiative, and to strengthen the company’s position in the market as a provider of best practice solutions in carbon markets and chains business value.
What does SustainCERT offer?
SustainCERT was created in 2018 with the ambition to integrate credible accounting and certification for the climate and the impact of the SDGs. To accelerate progress towards Paris Agreement and the 2030 Agenda, the company uses technology to inspire environmental impact statements.
CEO Marion Verles said, “The increase in climate commitments marks a turning point in global awareness of the need to reduce emissions at Net-Zero. Without credible solutions to verify that these claimed impacts are real, we will fail. The role of SustainCERT is to bring transparency and credibility to the many efforts made to reach Net-Zero.
The company helps project developers and businesses to accurately quantify and verify carbon emissions and certify carbon credits and business claims with international frameworks such as the Gold Standard for Global Goals, the protocol on greenhouse gases and sustainable development goals.
SustainCERT says its software simplifies the processes of collecting, calculating and verifying data, reinventing a future where the issuance of carbon credits and other impact statements becomes scalable. To date, it has supported over 1,200 projects spanning the energy, land use, waste and community service sectors.
Currently the company operates with teams across Europe, South and North America, Asia and Australia and is led by CEO Marion Verles, who brings over 15 years of experience to the carbon market. Marion was also the former CEO of the Gold Standard Foundation.
SustainCERT has also expanded into value chain emissions where it is one of the founding partners of the Value Change Initiative – a pre-competitive collaborative platform for business and civil society to co-develop and implement rules for accounting for emissions in the value chain. This initiative has more than 60 organizations, 8 sectors and more than 130 technical representatives and partners participating since 2018.
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