Private markets ESG-focused data solutions provider Novata announced today the launch of a new solution, Novata Carbon Navigator, aimed at enabling users to track, measure and report carbon data.

According to Novata, the new solution was developed to address organizations’ needs to monitor and reduce their carbon footprint and meet disclosure requirements, as businesses face increasing transparency and sustainability demands.

Mark Fischel, Carbon Product Lead at Novata said:

“The Novata Carbon Navigator will radically improve the carbon experience for investors and their portfolio companies. Our clients have expressed the need for a simplified carbon solution and the Carbon Navigator, which is both fast and easy to use, meets this demand.”

Key features of the new solution include quick calculation of Scope 1, 2 and 3 emissions in Novata’s ESG platform, simplified tracking of company emissions activities such as energy use and facilities, calculation of emissions from the supply chain by uploading expenses and categorizing vendors, and a shareable audit trail for emissions reporting and meeting regulatory requirements.

Novata is a public benefit corporation founded in 2021 by a consortium including S&P Global, the Ford Foundation, asset management firm Hamilton Lane, and social change-focused investment firm Omidyar Network, and supported and advised by several leading private equity firms and pension funds, to provide private markets investors with a solution for ESG measurement, data collection and benchmarking, and enable reporting on ESG data.

Lauren Peat, Chief Revenue Officer at Novata, said:

“With the Novata Carbon Navigator and our expert ESG Services team, we are now the one-stop solution for data collection and management so our clients can make progress on their sustainability goals.”