BeZero Carbon, a global carbon ratings agency, has secured $32 million in a Series C funding round to enhance transparency and trust in carbon markets through independent ratings. The funding will enable BeZero Carbon to expand its coverage of carbon markets, enhancing its ability to guide climate financing into impactful projects.
The agency plans to leverage artificial intelligence and automation to deliver ratings and analytics at scale, while further strengthening its expert team of climate and data scientists.
The round was led by GenZero, a decarbonisation-focused investment firm founded by Temasek and based in Singapore, with participation from Japan Airlines and the Translink Innovation Fund. Existing investors, including EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund, also contributed fresh capital.
The funding highlights the growing importance of risk-based, project-level ratings in ensuring quality and confidence in carbon markets. Since the launch of its ratings platform in 2022, BeZero Carbon has established an 8-point ratings scale, which now significantly influences pricing. As of 2025, each incremental notch on the scale commands an average 40% price premium, reflecting the increasing value of high-quality carbon credit projects.
BeZero Carbon’s platform provides ratings, data, and scientific analysis for over 480 carbon credit projects. Available on more than 40 platforms, including Bloomberg, it serves over 100 corporate subscribers across 30 countries. Clients include UBS, Sumitomo, Emirates NBD, Equinor, Woodside Energy, and ERM.
Carbon markets are expected to grow to $100 billion, creating an estimated 17 million jobs globally and funnelling $700 billion annually into climate action. These markets are increasingly central to achieving net-zero goals, with organisations like the European Union, United Nations, and the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) relying on them to mitigate emissions.
BeZero CEO Tommy Ricketts highlighted the significance of independent ratings in driving trust and ensuring the efficient flow of capital into climate solutions. “The funds will allow us to sustain our pace of innovation and expand our ratings coverage to compliance carbon markets, such as Article 6 and CORSIA, and the voluntary carbon market,” Ricketts said.
Sebastien Cross, Chief Innovation Officer and Co-founder of BeZero Carbon expressed gratitude to investors, clients, and partners, highlighting the growing importance of their ratings in strengthening global carbon markets.
Frederick Teo, CEO of GenZero, emphasised the critical role of carbon ratings in ensuring transparency and trust. “BeZero’s data-driven approach provides standardised quality assessments, fostering confidence and attracting investment. We’re thrilled to support BeZero in Singapore as we work toward building a global carbon ecosystem.”
Takao Suzuki, Senior Vice President at Japan Airlines, discussed the airline’s efforts to cut emissions through initiatives like Sustainable Aviation Fuel (SAF) and carbon credit trading. He noted that BeZero’s ratings bring greater reliability to carbon markets, aligning with the CORSIA framework and advancing net-zero goals.
Julien Villeret, Chief Innovation Officer at EDF, said BeZero’s progress since 2023 demonstrates the value of transparent carbon markets. “Their innovative work and growing client base validate our decision to invest. We are committed to supporting solutions that drive global decarbonisation.”
