Logistics startup Ofload is set to launch an “Australian first” analytics platform to help companies track their carbon emissions performance.
New legislation before the Australian parliament could force large businesses to publicly disclose details about efforts to reduce carbon emissions, which could be radical for the logistics sector.
Under the new legislation, companies have to submit a sustainability report every year, to disclose financial information pertaining to their carbon footprint.
According to the Sustainability Magazine, the shipping industry accounts for around 3% of global greenhouse gas emissions. Shipping is essential for trade. But with the Red Sea crisis only intensifying, shippers have to take a 30% longer route around Africa, impacting sustainability efforts even further.
Ofload raises $31 million capital
Ofload has confirmed to SmartCompany that it has raised $31 million in new funding to expand its analytics platform. The new capital funding boosts Ofload’s value to $350 million, a 200% increase in its valuation in the last two years, according to the startup.
The new carbon analytics platform (CAP) simplifies the daunting task of calculating a business’s carbon footprint. It can also automate how a company measures carbon emissions within its supply chain.
With data analytics, CAP tracks the following:
- The distance freight is transported.
- Details of the vehicle used for transportation, including fuel consumption.
- Specifics of the load.
EU taxing carbon-intensive products
The European Union (EU) started last year with a transitional phase, raising prices on carbon-intensive products imported into the EU to prevent carbon leakage. European businesses must submit quarterly reports for goods imported under the Carbon Border Adjustment Mechanism scope.
One of Ofload’s biggest clients, Maersk, says it is important to capture the right information about businesses’ carbon emissions.
“Incorrect reporting can also cause difficulties for businesses further down the line. With incorrect reporting, businesses [sic] risk not receiving the needed authorization,” says Fiaz Bailey, trade consultant at Maersk.
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Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
