Sphera, a renowned global provider of ESG performance and risk management solutions, has announced the release of SpheraCloud Corporate Sustainability–Portfolio Management software.

This innovative solution aims to assist organisations in effectively measuring and managing their portfolio's carbon footprint, evaluating climate-related risks and opportunities, integrating climate strategies, and meeting ESG reporting obligations.

As financial institutions strive to report financed emissions resulting from their daily activities, such as investments, loans, and services, the need to capture and analyse these emissions becomes increasingly challenging.

SpheraCloud's modular software, built on a cutting-edge SaaS platform, empowers financial institutions with AI and advanced analytics, enabling the accurate collection, calculation, reporting, and management of financed emissions.

Key features include automated data collection, a powerful calculation engine, integrated emissions factor libraries, portfolio performance management, and audit-proof reporting. By attributing emissions to specific financial assets, institutions can swiftly assess their portfolio's emissions footprint, enhance data quality, and align with decarbonisation strategies.

SpheraCloud Corporate Sustainability–Portfolio Management is designed for financial leaders who seek precise assessment, calculation, and reporting of financed emissions using the Partnership for Carbon Accounting Financials (PCAF) and Greenhouse Gas (GHG) Protocol standards.

This standardised methodology offers transparency and credibility when reporting to investors and stakeholders. Sphera collaborated with Blackstone, tapping into its expertise to create a solution that benefits the financial services industry and its investors.

Paul Marushka, CEO and President of Sphera, emphasised the importance of enabling companies to set science-based targets and report on their carbon footprint for a safer and more sustainable world.

He highlighted the need for financial institutions to adapt their business models and implement necessary tools ahead of regulatory policies. Marushka expressed gratitude for Blackstone's guidance in developing SpheraCloud Corporate Sustainability–Portfolio Management, which allows financial institutions to identify and manage climate-related risks and opportunities associated with portfolio management.

Eli Nagler, Senior Managing Director at Blackstone, affirmed the significance of an ESG strategy in creating resilient companies and valuable assets. Blackstone's investment in Sphera in 2021 reflects its shared vision. Nagler commended Sphera for consistently delivering audit-ready solutions that facilitate sound ESG reporting.

Sammy Lakshmanan, Principal at PwC, acknowledged the complexity of calculating financed emissions and stressed the importance of financial entities having a comprehensive view of their GHG inventory. PwC expressed excitement about collaborating with Sphera and bringing these new capabilities to market, enabling financial institutions to report in accordance with PCAF standards.

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Source: Sphera