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Bankers for Net Zero and Icebreaker One launch Project Perseus

Note: This post is based on the joint B4NZ and IB1 press release.

Bankers for Net Zero and Icebreaker One have joined forces to launch the Perseus programme and have today announced the founding partners involved in this initiative. The Perseus programme aims to automate greenhouse gas (GHG) reporting for every small and medium-sized enterprise (SME) in the UK, with the goal of having an operational demonstrator by COP28. This programme is an essential step towards achieving the UK’s emissions reduction targets. By automating GHG reporting, it will unlock access to granular and reliable consumption data, facilitate green financing, and drive the transition to a decarbonised economy.

The founding partners of the Perseus program include a diverse range of organisations committed to sustainability and the transition to a net-zero economy.

Founding commercial partners include:

  • Sage
  • Smart DCC
  • NatWest
  • Allica Bank
  • Tide
  • Connect.Earth
  • Demand Logic
  • Normative
  • Perse.io
  • PWC
  • Radiant AI
  • Enerlytics
  • Cogo

These partners form a collaboration between SMEs, UK banks, audit and accountancy firms, ledger providers, and energy companies. They aim to deliver a solution that automates GHG reporting, helping SMEs measure and report their emissions, access preferential capital, and invest in decarbonising technologies. In addition, through five advisory groups, the project is convening industry experts to build economy-wide consensus around user needs, financial impact, data licensing requirements, engagement and communications approaches, and potential policy interventions.

Automating and building trust in SME emissions reporting will not only drive public and private net-zero investments but also enhance SME productivity by streamlining currently onerous tasks or measuring and reporting emissions.

The Perseus program is overseen by a Steering Group, co-chaired by the British Business Bank and Icebreaker One. It was included in the UK Government’s Green Finance Strategy as a critical component of the decarbonization architecture necessary to achieve the country’s emissions reduction targets.

Heather Buchanan, Chief Executive and Co-founder of Bankers for Net Zero 
“We are thrilled to announce this coalition of industry partners who have demonstrated leadership and commitment to supporting SMEs in the transition to Net Zero. Seldom do governments, policymakers and the private sector align behind a common cause. However, through Perseus, this group has signalled that they all agree on the importance of high-quality, globally comparable sustainability information for the capital markets and for the SMEs in the supply chain.” 

Gavin Starks, CEO and Founder of Icebreaker One
“Perseus marks a significant milestone in our commitment to tackling climate change. By uniting organisations to harness the power of data and technology, we are forging a path towards a credible sustainable future. Together, we can break the ice and pave the way for a resilient and net-zero economy. The time for theory is over.” 

Elisa Moscolin, EVP Sustainability & Foundation at Sage  
“Sage is committed to playing our role in helping SMEs with the green transition. In addition to halving our own emissions by 2030 and reaching net zero by 2040, we are supporting our customers on their journey with technology and advice, as well as advocating for policies that support the UK’s transition to a low-carbon economy. SMBs in the UK account for 63% of the country’s business emissions so for the UK to meet its net zero goals, it is critical that they are supported and brought along the sustainability journey. This is why we are delighted to be partnering with Perseus and Bankers for Net Zero. We hope that by working together we can create carbon data flows that the market can compare and trust.” 

For more information please see the project page or contact perseus@ib1.org