London-headquartered BeZero Carbon, a global carbon ratings agency that has subsidiaries in Singapore and New York, has announced a US$32 million Series C funding round led by GenZero, the Singapore-based decarbonization-focused investment company owned by wealth fund Temasek, with additional funding from Japan Airlines and Translink Innovation Fund.
Existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange, Molten Ventures, Qima, and Quantum Innovation Fund also committed fresh capital, highlighting, BeZero says, confidence in the role of its independent carbon ratings as critical infrastructure for achieving net zero.
The funds raised will support investments in automation and artificial intelligence to enhance the platform’s capabilities, with a focus on delivering advanced risk analytics and expanding ratings coverage.
When the company first launched its ratings platform in 2022, there was no correlation between the climate impact of a carbon project and the price of a carbon credit. Now, in 2025, every incremental BeZero Carbon Rating notch on the company’s eight-point rating scale commands an average 40% price premium.
“Carbon ratings play a pivotal role in ensuring integrity and transparency in carbon markets by providing independent, standardized assessments of quality,” says Frederick Teo, the company’s CEO. “By leveraging data, internal scientific expertise and methodological insights to analyze carbon projects, BeZero’s work will foster greater confidence in carbon markets and catalyze more capital and demand.”
Takao Suzuki, CEO and senior vice-president for innovation at Japan Airlines, adds: “We are implementing a range of emission reduction strategies, including upgrading to fuel-efficient aircraft, utilizing sustainable aviation fuel, participating in carbon credit trading, and adopting innovative technologies that contribute to society-wide CO2 reduction. BeZero’s carbon ratings enhance the transparency and reliability of the carbon market, attracting greater capital and broader participation while playing a pivotal role in the Corsia [Carbon Offsetting and Reduction Scheme for International Aviation] market.”
