The European leader in financial services Societe Generale is announcing the fifth cohort of its flagship Global Markets Incubator (GMI) program. The company will partner with eleven new startups in the carbon emissions tackling and sustainability space to help them develop their solutions, suited for the financial sector.
The start-ups are working in areas like carbon emissions quantification, impact tracking and measurement, voluntary carbon markets (VCM) and biodiversity which the financial industry needs to integrate as part of its business in order to meet its climate targets.
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The startups were selected out of 140 applicants and address different areas of sustainable innovation.
They will participate in the six-month Global Markets Incubator program to quickly advance, test, deploy and expose their products and services to Societe Generale’s business environment. The goal of the GMI program is to boost start-ups collaborations, mix expertise and deliver innovative solutions to capital markets.
“In the global markets industry, innovation is crucial to offer new solutions to our clients, customized to their needs that evolve very quickly, specifically regarding ESG concerns. GMI is a powerful accelerator to answer these needs,” said Isabelle Millat, Head of Sustainability for Global Markets.
The selected startups are as follows:
- Emmi – Financial carbon metrics, helps companies manage their carbon footprint and reduce emissions. According to Societe Generale, a growing number of companies now report their greenhouse gas (GHG) emissions and assess their contribution to climate change risks. Data still remains complex, non-standardized or incomplete. Societe Generale aims to help investors evaluate the progress that companies make to achieve carbon emissions reduction and deliver an impact.
- Net Purpose, Simpl, Greenscope, YvesBlue, Arboretica, allcolibri – Impact investing and financing, Societe Generale expected these partnerships to allow rapid progress in the areas of risk management, analytics, insights generation and distribution, across all asset classes in listed and private markets.
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- Aspiration, BeZero Carbon, Enmacc – Voluntary Carbon Markets, the companies offer platforms and services for clients to make positive social and environmental impacts via exposure to carbon removal projects, carbon credits ratings or investing opportunities in environmental products. They aim to address several challenges that the voluntary carbon markets are facing like certification methodologies, liquidity and price transparency, lack of access to finance from some project developers due to market opacity and a low investor risk appetite.
- Regrow – Biodiversity, offers platforms helping farmers implement sustainable farming practices, measure, report and verify their impact. Societe Generale aims to take concrete actions in favour of biodiversity via this partnership and through dedicated banking solutions.