Measuring greenhouse gas emissions (“GHG” or “carbon” emissions) is rapidly progressing from a nice-to-have to a critical aspect of business operations. From regulations to investor and customer pressure, companies are seeking out methods to accurately calculate their carbon data, generate insights, and develop data-backed targets.
To help companies along their sustainability journey, we recently launched the Novata Carbon Navigator, a new solution to simplify carbon data management and reporting. The Novata Carbon Navigator enables companies to quickly calculate emissions across the three scopes, streamline tracking of company data, and effectively measure and report on carbon and ESG data seamlessly within the Novata platform. In this Q&A, Mark Fischel, Carbon Product Lead at Novata, shares more on the launch of the Navigator, how it supports firms and portfolio companies, and what sets it apart from other solutions.
What are some of the challenges companies face today with calculating carbon emissions accurately?
Carbon has long been one of the most important, but also one of the most intimidating, metrics in the world of ESG. Historically, carbon measurement has been expensive, manual to calculate, and required external expertise. But it doesn’t have to be this way. We’ve launched the Novata Carbon Navigator to make measuring and reporting on carbon digital, fast, easy and transparent. Watch our launch video below to learn more.
How does the Novata Carbon Navigator support firms with Scope 1, 2, and 3 emissions?
Having visibility into Scope 1, 2, and 3 emissions is important for companies to get a full picture of their carbon footprint (learn more about the Scopes). Within the Carbon Navigator, there’s only two types of data that firms will need to provide: their energy consumption and their company expenditure. It really is as simple as that. And we have guidance throughout, both digital and human, to provide hands-on enterprise-grade support to ensure it’s as straightforward as possible for users to ingest their data and use the solution.
How do you ensure the accuracy of data and calculations through the Navigator?
We’ve built the Novata Carbon Navigator with support from our partners at Climatiq, who have been certified to ISO 14067 and GHG Protocol Conformity. Most importantly, we are reversing the trend from most carbon calculators from the opaque, ‘black box’ style of calculations. The Novata Carbon Navigator shares uniquely detailed transparency alongside every single calculation. That means firms and their stakeholders can have full confidence in how each emissions factor was selected, what methodology was used, and how we ended up with the carbon emission results. Longer term, it also means that companies have all the data they need to get their carbon emissions assured by a third party, which will become ever more important over time due to regulatory pressure.
What makes Novata Carbon Navigator different from other tools on the market?
There are many basic, free tools in the market, and there are also many expensive, enterprise tools out there. Our clients have expressed a need for a tool that is advanced enough to be compliant with regulations and inexpensive, as well as being fast and easy to use. The Novata Carbon Navigator, which was created with direct input from our clients, industry-leading investors, and companies, fits that need and market demand. Novata itself is also unique as we deliver ESG, carbon, and regulatory solutions within a single interface, as well as support of our expert Services and Customer Success teams, to augment the overall experience for our clients.
How will the Carbon Navigator evolve to meet the changing needs of the market?
The Novata Carbon Navigator is digitally native and was built with an open architecture. This means we are well-positioned to automatically ingest company data, whether it lives in a legacy ERP system, or in a data lake, or somewhere else. And we are also already exploring the integration of AI tooling to streamline and level up the user experience.
To learn more about the Novata Carbon Navigator and see the platform in action, request a demo today.
