CO2Path wins backing from REACH to help logistics professionals track CO2 emissions reliably
CO2Path.io is a new venture created by the Opportunity Lab of Ideas Forward to help the logistics industry quantify and report GHG emissions in a dependable way.
The problem
The volume of Greenhouse Gas (GHG) emissions caused by freight transport is growing fast, due to rising global economic activity and population growth. As the world is falling short of meeting its climate goals there is an ever more urgent need to drastically reduce freight emissions by transitioning to transport solutions which are less carbon-intensive.
Shippers and logistics services providers across the world are under increasing pressure by regulators and markets to take concrete actions towards emissions reduction. But as Lord Kelvin said, “if you cannot measure it, you cannot improve it“. How can you set goals to reduce your emissions if you don’t know what they really look like?
Until recently only a few enterprises attempted to quantify their supply chain (Scope 3) emissions, which includes transportation. And for most of these enterprises the quantification approach relied on static emission factors and historical industry averages, rather than actual transport conditions. In the EU, this is changing.
The Corporate Sustainability Reporting Directive has recently made climate impact disclosures mandatory for 50,000 of the region’s largest enterprises, creating a ripple effect in the market. And with additional regulatory measures being announced, companies that offer and buy logistics services now need to be able to quantify and report their carbon footprint in a dependable manner.
The solution
This is where CO2Path.io comes in. CO2Path is a software platform enabling trustable emissions data value chains for shippers, carriers and logistics services providers.
Unlike other software solutions in the space of logistics emissions reporting, CO2Path is focusing on removing the friction that prevents primary data from flowing between transport chain organizations in order to calculate emissions reliably and transparently.
The venture builds on research & development carried out since 2020 at the Curiosity Lab of Ideas Forward, on the problem of GHG emissions monitoring, developing technical specifications to enable better regulatory emissions monitoring in Europe.
CO2Path meets REACH
Reliable emissions reporting is a data value chain problem. Which is why we are grateful that CO2Path won the support of REACH, an incubator and €3.5M fund created to accelerate startups working on problems and opportunities surrounding data value chains. Through €80K of funding in COPath and a very strong network, REACH will be instrumental in taking this concept from R&D lab to the market.
Thank you REACH for the opportunity!
Visit the REACH Data Incubator and CO2Path to learn more.