BeZero Carbon raises USD 32m Series C, JAL & Hitachi participate
Global carbon ratings agency BeZero Carbon has completed a USD 32 million Series C investment round to enable carbon markets through ratings.
The round is led by Temasek-founded GenZero, a decarbonisation-focused global investment firm headquartered in Singapore, with additional investment from Japan Airlines and the Translink Innovation Fund. Existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund also committed fresh capital.
The fundraise cements the role of independent, risk-based, project-level ratings as a measure of quality for carbon markets. When BeZero first launched its ratings platform in 2022, there was no correlation between the climate impact of a carbon project and the price of a carbon credit. Now, in 2025, every incremental BeZero Carbon Rating notch on BeZero’s 8-point rating scale commands an average 40% price premium.
BeZero has customers in over 30 countries across six continents, with ratings available on more than 40 platforms including Bloomberg. The BeZero Carbon Markets platform, which enables users to access ratings, data, and scientific analysis for over 480 carbon credit projects, has more than 100 corporate subscribers globally, including UBS, Sumitomo, Emirates NBD, Equinor, Woodside Energy, and ERM.
A USD 100 billion carbon market would support 17 million jobs globally, larger than the current oil and gas industry, and channel USD 700 billion annually into climate action.
Beyond major corporations, an increasing number of countries, international organisations, such as the European Union and United Nations, and industry initiatives, such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), are looking to carbon markets to reach net zero.
BeZero will be investing the new funds in expanding its ratings coverage for these markets, which together will help channel finance into the climate projects necessary for a sustainable future.
In addition, BeZero will continue investing in automation, including the application of artificial intelligence techniques, and its expert team of climate and data scientists to deliver ratings, data, and risk analytics at scale.
BeZero is headquartered in London. It has subsidiaries in global financial hubs New York and Singapore.
Please follow us to read more about Finance & FinTech in Japan, like hundreds of readers do every day. We invite you to also register for our short weekly digest, the “Japan FinTech Observer”, on LinkedIn, or directly here on the platform.
We also provide a daily short-form Japan FinTech Observer news podcast, available via its Podcast Page. Our global Finance & FinTech Podcast, “eXponential Finance” is available through its own LinkedIn newsletter, or via its Podcast Page.
Should you live in Tokyo, or just pass through, please also join our meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.
