HSBC UK Partners with Greenly to Provide Carbon Calculator for SMEs

HSBC UK has announced a new partnership with the carbon accounting startup Greenly, introducing a carbon calculator tailored for small and medium-sized enterprises (SMEs) to evaluate, analyze, and tackle their carbon footprint.

According to HSBC, the collaboration stems from a recent survey conducted by the bank that highlighted the challenges SMEs face in their decarbonization efforts due to a lack of guidance and support in sustainability measurement.

Initial trials of the carbon calculator were conducted with 50 clients by HSBC last year. Following this, HSBC worked hand in hand with Greenly to design two packages: a basic option enabling clients to conduct an initial assessment to pinpoint their primary carbon emissions sources and reduction strategies, and a premium package that provides SMEs with a comprehensive understanding of their carbon emissions along with tailored strategies for reduction, including access to a climate expert from Greenly. These new packages are accessible through HSBC’s Sustainability Tracker tool.

Rob King, the Head of Commercial Banking Sustainability at HSBC UK, emphasized the significance of measuring carbon emissions for SMEs as a crucial step in their journey towards developing effective transition plans. He expressed that the partnership with Greenly and the integration of the carbon calculator aims to support SMEs in measuring their carbon data and initiating their sustainability journey.

Greenly, founded in 2019 and based in Paris, specializes in offering solutions to help companies monitor, reduce, and report their emissions. The company recently announced a successful fundraising round, including HSBC as a new investor, with a Series B funding totaling $52 million.

Alexis Normand, the CEO & Cofounder of Greenly, highlighted the significance of collaborating with HSBC UK to incorporate their innovative carbon footprint assessment technology into the Sustainability Tracker. The move is seen as a pivotal step in empowering SMEs to make informed and sustainable decisions, aligning with Greenly’s commitment to driving positive environmental impact and fast-tracking the transition to a low-carbon economy.