Today, 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 carbon emissions effectively.
The University of Cambridge recently referenced 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 is built to 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 can 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, and enables businesses to measure, understand, and take action to reduce their carbon emissions 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 to help them achieve a 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,” says 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 their journey towards a 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.”
FourTwoThree is also acquiring PointSource Technologies Pte. Ltd., a start-up venture incubated by SC Ventures that makes climate data usable. This will further enable SMEs, Banks and other Enterprises to automatically assess the frameworks that support sustainable financing, subsidies and compliance with supply chain requirements.
“When we started PointSource, our goal was to build something pragmatic and useful—something that helps bridge the gap between climate ambition and climate action,” says Harald Eltvedt, Operating Member at SC Ventures. “I’m proud of what the team has built, and even prouder to see it find a new home with FourTwoThree. This is exactly what we aim to do at SC Ventures: back bold ideas, build real solutions, and scale them with the right partners. With FourTwoThree, we believe PointSource can now reach the scale and relevance the climate challenge demands.”
The acquisition of PointSource and the strategic investment referenced above are conditional on merger control approval.