Powering corporate decarbonisation — why we invested in Altruistiq

Corporate action is the key to limiting global warming. As the main actors behind our industries and services, corporations have the power to decarbonise our world by shifting their processes to sustainable alternatives.

We are happy to see that many companies have started taking initiative and ownership, with around 700 companies committing to achieving net zero emissions and around two-thirds of S&P 500 companies setting targets to reduce GHG emissions.

Yet once you scratch the surface and dig deeper, we were disappointed to learn that only 29% of these companies have implemented a plan which mobilises science-based targets, or laid out a detailed roadmap to take action on decarbonisation. Without a plan, it is unlikely they will be able to meet their pledges.

This type of approach can lead to greenwashing accusations and harm the whole sustainability agenda, as consumers grow sceptical of sustainability statements. And even more worrying, it can lead to a dangerous state where companies simply kick the can down the road instead of acting now.

Beyond high level targets, companies need tools — those that facilitate increased planning, measurement and transparency for corporate action. That’s why Norrsken has invested in Altruistiq, a software platform that enables corporations to measure their impact and GHG footprint and more importantly recommends initiatives they can take to reduce their emissions.

Altruistiq’s SaaS platform enables large, complex enterprises to automate sustainability data measurement, management and exchange — with unparalleled accuracy and ease. Companies can identify initiatives to reduce their impact through Altruistiq’s Abatement Algorithm and build an actionable roadmap that can be verified and adjusted on a yearly basis. It means that companies’ efforts at decarbonisation can go beyond promises and achieve measurable results.

We are looking forward to seeing more corporations disclosing their targets but also equally importantly sharing their actionable plans of how they are going to get there. We are proud to partner with the Altruistiq team who are building the tech infrastructure to enable corporate decarbonisation. Welcome to the Norrsken VC family!