EU ETS: what you need to know about the EU carbon market
1 min
Level
In this article, we'll explore the EU Emissions Trading System (EU ETS), a European initiative for reducing greenhouse gases through a cap-and-trade scheme.
Greenly and Normative are joining forces to become the global leader in climate software
Level
By Agnès Potier-Murphy, International Copywriter, on 15/09/2026
New York, London, Stockholm & Paris, 15 September 2026. Greenly and Normative, two of the most established names in carbon accounting, are merging to build the world’s largest climate software provider. The deal brings together the two largest emissions datasets in the industry under one system of record, giving businesses a clearer view of their Scope 3 supply-chain emissions than either platform could offer working alone, and creating a data advantage that grows stronger with every new company that joins.
Together, the two companies are aiming to grow combined software ARR from €30M to €50M within three years, extending what customers can already do on Greenly’s platform across carbon accounting, life-cycle assessment, supply-chain engagement and energy management. Compliance remains central to that work, and so does something more commercial: giving businesses a genuine growth lever as they navigate the energy transition, rather than treating it purely as a cost of doing business.
Key takeaways
One combined platform covering corporate carbon accounting, supplier engagement, life-cycle assessment and multi-framework compliance, including CSRD, IFRS, SEC and SBTi.
Normative’s scientific methodology now feeds directly into Greenly’s AI-native platform, drawing on a combined dataset of more than 5 million emission factors.
The group stays founder-led and backed by existing investors on both sides, with the resources to keep investing in product and service quality.
One platform for a fragmented carbon accounting market
The carbon accounting market has grown crowded over the past few years, with many companies stitching together several tools to cover Scope 1, 2 and 3 emissions, life-cycle assessment and regulatory reporting. Greenly and Normative are addressing that directly, combining Normative’s scientific rigour and enterprise-grade methodology with Greenly’s broader product suite, AI-native automation, international reach and a scaling engine built on both automation and a wide network of implementation partners who deliver engagements independently on the platform.
The result is a single, more complete offering spanning corporate carbon accounting, supplier engagement, product footprints, life-cycle assessment and multi-framework ESG reporting, backed by a dataset that becomes more reliable as more companies and suppliers take part in it.
Demand is shifting too. Businesses are moving from annual compliance exercises towards continuous carbon management across increasingly complex value chains, driven by Scope 3 requirements, tightening regulation and a growing need for product-level data to inform real decisions. The renewed implementation of the CSRD, California’s SB 253 and SB 261, and product-level rules such as CBAM and the Digital Product Passport, is accelerating that shift globally, and it’s exactly the kind of moment Greenly and Normative’s combined scale and data quality are built for.
What Normative brings to Greenly’s platform
Stockholm-based Normative brings scientific rigour, deep methodological expertise and a strong footprint among large European enterprises, including names such as Nordea, Flying Tiger, Vodafone, Typeform and Hitachi, built up across a 170-person team with offices in Stockholm and London. Its focus on audit-ready data and demanding frameworks such as the CSRD complements Greenly’s own strength in international reach, granular Scope 3 measurement and AI-native automation.
Normative has raised more than €40 million to date from its shareholders, including Blume Equity, Horizons Ventures, ETF Partners and 2150, who now join Greenly’s own backers, among them EIP, XAnge and 7Ridge, alongside the founders on both sides. The combined group remains founder-led and entrepreneurial, with the resources to keep investing in product, service and growth as the market continues to consolidate.
Sebastien Blanc
CEO of Normative
Investing further in Greenly’s AI-native platform
The combination also means stepped-up investment in Greenly’s own AI-native platform, whose specialised agents are already helping customers automate carbon accounting work:
The Architect
Maps the entities of a multi-country group and applies more than 200 automated quality checks.
The Scope 3 Scout
Expands supplier-level coverage.
The Environmental Engineer
Scales life-cycle assessment across product portfolios.
The Strategist
Turns the resulting data into board-ready decarbonisation plans aligned with reporting frameworks.
Bringing Normative’s data and methodology into that mix gives Greenly the largest shared dataset in the category to keep training and refining these agents, moving carbon information closer to the completeness and operational maturity businesses already expect of financial data.
Alongside this, Greenly’s own ESG and CSRD suite is being extended with a climate-risk engine that models physical hazards and quantifies the growing cost of extreme weather across sites, assets and supply chains. New utility-management capabilities will bring energy consumption, procurement and cost data together with your decarbonisation plan, helping you manage spend, reduce exposure and track performance in real time. The aim is to move Greenly’s platform beyond disclosure alone, toward a genuine decision-support tool for resilience, margins and competitiveness.
The combined platform already supports organisations including Amazon, Veolia, AXA, BNP Paribas, Sony, Porsche, Toyota, Eurostar, the Bank of England, Hitachi, Vodafone, Forvia, Nexans and Bureau Veritas. Through Greenly Pro, our network of certified implementation partners, including Schneider Electric Advisory Services, R3, ClimeCo, McKinsey, Dekra, Quantis, Wavestone, Sia Partners and NATIVA, can run carbon accounting engagements on the platform directly, extending our own team’s reach as adoption grows.
Alexis Normand
CEO and co-founder of Greenly
What this means for existing Greenly customers
If you’re already a Greenly customer, nothing changes to your existing contract or day-to-day use of the platform as a direct result of this announcement. Normative’s scientific rigour and Greenly’s reach are combining and being scaled through AI and a global partner network. Over time, that means a deeper methodology, broader compliance coverage and a growing partner network as the two platforms come together. Your Greenly account team will be in touch with more detail as the integration takes shape.
Frequently asked questions about Greenly and Normative joining forces
Will my Greenly contract or pricing change because of this merger?
No changes are planned to existing contracts or pricing as a direct result of the merger.
Who do I contact with questions?
Your existing Greenly account team remains your main point of contact.
Does this change which regulations Greenly’s platform covers?
No — if anything, coverage broadens over time. Greenly’s platform already supports frameworks including CSRD, CBAM and EUDR, and the combined group’s expertise strengthens that further.
About Greenly
Greenly is one of the world’s most widely deployed climate-management suites. Its technology platform supports organisations of every size, from global enterprises to small and medium-sized businesses. Greenly enables companies to manage their decarbonisation with granular Scope 3 measurement down to the product level, while automating compliance with demanding regulatory frameworks such as CSRD, CBAM and EUDR.
With strategic hubs in Paris, New York and London, Greenly combines local regulatory expertise with a technology infrastructure designed to adapt to the requirements of each market. This global operating footprint enables the company to support more than 4,000 organisations worldwide.
Greenly’s customers include global leaders such as AXA, Veolia, Fnac Darty, Forvia, Nexans, Stellantis, HSBC, Sony, Shimano, Pentax, Fruit of the Loom, Ubisoft, Bureau Veritas and Villeroy & Boch.
Greenly has raised a total of €75 million from leading investors, including Fidelity International Strategic Ventures. This backing supports continued product innovation and methodological robustness, validated by AFNOR Certification, and positions Greenly as a trusted partner for turning climate requirements into drivers of business performance.
Curious what this merger means for your own carbon programme? Reach out to your Greenly account team to talk it through.
Share this article
Subscribe to the CSO Connect Newsletter
We care about your data in our privacy policy.
More articles
View all