FourTwoThree, the smart climate action platform, is launching with strategic investment from NatWest Group, NAB and SC Ventures. The platform will seamlessly connect enterprise organisations and their SME value chain networks to collaboratively measure, understand, and take action to reduce their aggregate climate impact effectively.
The University of Cambridge recently identified that half of the estimated $100 trillion investment needed to get global supply chains to net zero by 2050 will need to go to SMEs. To realise this opportunity, effective collaboration between businesses of all sizes is critical. FourTwoThree will help Banks, Insurers, Enterprises and Governments support SMEs to reduce emissions, cut costs, and play their part in developing more resilient supply chains. This is particularly crucial for Scope 3 emissions, which typically account for more than 70% of an enterprise’s carbon footprint, and requires strong partnerships between large and small businesses built on trust, simplicity, and mutual benefit.
Named after the peak atmospheric CO2 levels recorded when the founding team first connected (423 parts per million), FourTwoThree emerges from a unique collaboration between NatWest Group, NAB and SC Ventures to solve a shared challenge: enabling all businesses to measure, understand, and take action to reduce their aggregate climate impact effectively. These partner financial institutions have been heavily involved in the development of FourTwoThree, leveraging insights from propositions that are tried and tested in market to create a platform designed to integrate with existing bank infrastructure and meet bank grade requirements around risk, security, and performance.
FourTwoThree provides a credible data-driven platform designed for large institutions to access reliable climate data for competitive advantage, better risk management and to meet emerging reporting standards. It enables those institutions to provide unparalleled climate support for their SME customers and suppliers with an easy to use digital solution; automating footprint calculation and empowering those SMEs with personalised guidance and recommendations. This two-way value exchange is fundamental to unlocking the necessary collaboration within global value chains to make meaningful progress towards critical sustainability goals.
Backed by Valtech, a leading technology partner, and built on Amazon Web Services (AWS) the platform upholds the rigorous security standards expected by large enterprise clients, building on the learnings of all three partners, to create a modern, enterprise-grade ecosystem that connects enterprises with their SME customers and suppliers.
“Climate action becomes possible when we make it accessible,” said Glyn Baker, CEO at FourTwoThree. “With regulatory, shareholder and customer pressure building on large enterprises we know that the demands on their SME networks are increasing. SMEs play a crucial role in the global economy, representing the majority of commerce, employment and GDP. We have the user data and engagement to enable those businesses to accelerate sustainable global transition. Connecting SMEs to better support, accessible financing and emerging climate innovation will simply make them better and more engaged customers, suppliers and employers.”
For more news like this, click here.
