Sphera Soutions has launched SpheraCloud Corporate Sustainability–Portfolio Management solution designed to help organisations reliably measure and manage their portfolio carbon footprint.
The SpheraCloud Corporate Sustainability–Portfolio Management includes automated data collection, a calculation engine, integrated emissions factor libraries, portfolio performance management and audit-proof reporting.
According to Sphera, the new solution uses AI and advanced analytics to allow lenders and investors to collect, calculate, report and manage financed emissions.
Key features include automated data collection, a robust calculation engine, integrated emissions factor libraries, portfolio performance management and audit-proof reporting.
The modular software solution provides a standardized methodology to measure financed emissions, utilizing the Partnership for Carbon Accounting Financials (PCAF) and Greenhouse Gas (GHG) Protocol standards.
“Enabling companies to set science-based targets and accurately measure and report on their carbon footprint is critical to our mission of creating a safer, more sustainable and productive world,” said Paul Marushka, Sphera’s CEO and president.
He added, “To support the transition towards a more sustainable economy, financial institutions need to adapt their business models and put the necessary tools in place in advance of current and upcoming regulatory policies,
Founded in 2016, Sphera offers SaaS software, proprietary data and consulting services, helping organisations around the world to surface, manage, and mitigate ESG risk in the areas of environment, health, safety & sustainability, operational risk management and product Stewardship.
The company was acquired in 2021 by alternative investment manager Blackstone in a deal valuing Sphera at $1.4 billion.
In 2023, Blackstone integrated Sphera’s carbon accounting solutions, to support its initiative to reduce emissions across its portfolio.
Last year also saw Sphera enter into an alliance with PwC to provide the accounting firm’s clients access to Sphera’s ESG software solutions.
PwC and Sphera said that they will work together to leverage the new solution for financial institutions.
“Calculating financed emissions is extremely complex, but it is of utmost importance for financial entities to have a holistic view of their GHG inventory and identify climate-related risks and opportunities,” said Sammy Lakshmanan, a principal at PwC.
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