HSBC UK announced a new partnership with carbon accounting startup Greenly, providing a carbon calculator for small and medium-sized enterprises (SMEs) to measure, assess and address their carbon footprint.

According to HSBC, the new solution follows a recent survey by the bank indicating that the lack of advice and support over sustainability measurement presents a significant barrier for SMEs in achieving decarbonization progress.

HSBC piloted the carbon calculator with 50 clients last year, and worked with Greenly to develop two packages, including a basic package enabling clients to carry out an initial assessment to identify their main carbon emissions sources and reduction levers, and a premium package allowing SMEs to understand their carbon emissions in detail, including how to reduce them, with a dedicated climate expert on hand from Greenly to support with reduction strategies. The new packages are available through HSBC’s Sustainability Tracker tool.

Rob King, Head of Commercial Banking Sustainability, HSBC UK, said:

“Measuring their carbon emissions and identifying the main sources of emissions is an important step for SMEs when it comes to developing an effective transition plan. Our goal with the Greenly carbon calculator is to support carbon data measuring and help SMEs beginning their sustainability journey.”

Founded in 2019, Paris-based Greenly provides solutions aimed at enabling companies to monitor and reduce and report emissions. The company recently announced that it has raised $52 million in a Series B funding round, which included HSBC as a new investor.

Alexis Normand, CEO & Cofounder of Greenly, said:

“Collaborating with HSBC UK to integrate our innovative carbon footprint assessment technology into its Sustainability Tracker is a significant step towards empowering SMEs to make informed, sustainable decisions. Greenly is committed to driving positive environmental impact and accelerating the transition to a low-carbon economy.”