HomeCarbon CreditsCanada's Largest Bank RBC Invests $8M in ClearBlue Markets

Canada’s Largest Bank RBC Invests $8M in ClearBlue Markets

A global carbon markets company, ClearBlue Markets, has secured $8 million in Series A financing round led by Royal Bank of Canada (RBC) to help support the growth of its technology platform. 

The Canadian-based climate tech firm’s fundraising will allow it to have more exposure in financial markets. The investment from RBC aligns with the bank’s climate strategy to support its clients transitioning to net zero emissions.  

RBC is Canada’s largest bank and one of the biggest in the world based on market capitalization. Apart from Canada, its 17 million clients also come from the U.S. and 27 other countries the bank is serving. 

ClearBlue Markets

ClearBlue Markets offers carbon markets services to companies globally through its advisory expertise and AI enabled technology. These services simplify and bring confidence to firms in meeting their carbon compliance requirements or voluntary net zero goals. 

Other products and solutions the company offers include:

  • offset strategy development, 
  • carbon market policy and risk assessments, 
  • demand and supply analysis, 
  • price forecasting for offsets, carbon credits and renewable energy credits
  • transaction facilitation, and 
  • offset development.

The company is headquartered in Canada and has a European office in the Netherlands.

Today, it is serving a 200+ client portfolio that spans local, multinational, and blue-chip companies, which include CRH, Mercuria, JD Irving, Bain Capital Partnership Strategies, Mitsubishi, Energir and VARO Energy.

The $8M Funding

Co-founder and CEO of ClearBlueMarkets, Michael Berends noted that:

“We believe that one tonne of carbon dioxide reduced, avoided, or sequestered contributes to the fight against climate change in meaningful and measurable ways. Continued alignment and investments from key players, like RBC, will drive transparency and confidence in compliance and voluntary carbon markets worldwide for more effective emission pricing and reductions…”

RBC invests in ClearBlue Markets believing that its technology platform will provide its own clients with more access to advisory services and technology they need to transition to a more sustainable future. The bank sees the important role of the company in addressing the global challenge on climate change.  

The round also has participation from existing investor CRCM Ventures. The funding will further enhance the usability of ClearBlue Markets’ tech platform. It will also help expand the functionality of the company’s carbon market tools. 

Overall, the investment will enable the company to serve more clients in more locations. 

Remarking on the investment, ClearBlue CTO and Co-Founder Nicolas Girod said:

“Purpose-driven investments, like the one by RBC, are central to ClearBlue Markets as we expand. They extend our reach and scale beyond what we could do alone and this helps our clients succeed in environmental markets… This strategic investment will unlock capital to double down on technology and see more clients confidently achieve their carbon reduction and net zero ambitions.”

One-Stop-Shop for Carbon Market Needs

ClearBlue has received multiple awards for its advisory, market analysis, and offset development services. These include the coveted 2022 Environmental Finance Voluntary Carbon Markets Award for Best Advisor. 

The company is able to win those awards by being a one-stop-shop for its clients’ carbon market needs.

ClearBlue is also leveraging its extensive carbon pricing experience worldwide to guide emitters through the ever-evolving carbon markets. This allows the company to gain insights and so provide a holistic approach to carbon markets globally. 

Here’s the global coverage of ClearBlue with the specific services it’s providing each region.

ClearBlue Markets global operations
Source: https://www.clearbluemarkets.com/markets

ClearBlue also appointed the former CEO of Accenture Canada and current advisor to the Nature Conservancy of Canada, Mr. Bill Morris to its Board of Directors.

His experience in both environment and carbon markets will be helpful as ClearBlue Markets expands globally.

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