Sweep, a French B2B carbon management platform, announced the launch of Sweep for Finance for financial institutions to track carbon emissions across investment portfolios.

Sweep for Finance allows financial institutions to adopt new climate disclosure regulatory frameworks, including Sustainable Finance Reporting Disclosure (SFDR) in Europe or the proposed SEC rules in the US. The company’s new solution will conduct portfolio analysis following the Partnership for Carbon Accounting Financials (PCAF) methodology. 

Sweep’s Carbon Disclosure Project (CDP)-based benchmarks carbon assessments and data collaboration provide auditable reports by meeting national and industry reporting requirements. 

With this new solution, Sweep is also expanding its customer base across private equity firms, banks, and investors from its existing sectoral coverage, which includes consumer goods to manufacturing. 

Analyst QuickTake: In May 2022, Sweep partnered with Stripe, a payment infrastructure provider, to launch Sweep’s climate impact app . The new solution allowed Stripe users to identify the amount of CO2 emissions of products and services offered on the Stripe platform. The Sweep app launch was followed by the company’s USD 73 million Series B funding round in April 2022, led by Coatue.