Sweep is an innovative startup that has developed a platform to aid businesses in managing their carbon footprint and ESG (Environmental, Social, and Governance) initiatives. Responding to new EU regulations around non-financial business reporting (CSRD), Sweep has launched a new solution for businesses to offer reliable, transparent reporting that aligns with this directive.
Sweep’s latest tool, Sweep for Compliance, is designed to simplify businesses’ compliance with stringent ESG and carbon reporting requirements. It provides detailed analysis of businesses’ data and integrates reporting tools into the platform.
Practically, Sweep for Compliance aids in data collection, traceability, and monitoring, and in generating comprehensive reports. According to the startup, the tool can help businesses save up to 50% of the time typically devoted to data management.
The advent of the CSRD will see approximately 50,000 businesses in the European Union and at least 10,000 foreign-based businesses within the EU required to disclose their non-financial information from 2024. This demand is likely to increase in coming years, with an increasing number of global regulations already requiring businesses and financial institutions to regularly track and report new types of data.
Sweep’s services are especially crucial given that non-compliance can lead to substantial risks, including financial penalties, legal repercussions, and damaging accusations of greenwashing. As per a survey by Workiva, 65% of French business leaders believe their organization is not adequately prepared to achieve their ESG goals or comply with regulations.
In the market for tools and platforms to assist businesses in decarbonizing their operations, Sweep has quickly established its presence. As a B Corp certified company, Sweep has gained significant attention by recruiting former Minister Julien Denormandie and conducting successive funding rounds in 2021 and 2022, raising a total of €100 million.
As businesses face growing pressures to demonstrate their sustainability credentials, Sweep is well-positioned to provide necessary support. Through its platform, it equips businesses to better collect, analyze, and report their ESG and carbon data, making it a crucial ally in the global drive towards sustainable business practices.