Online freight pricing platform Freightos plans to introduce carbon dioxide footprint estimates as well as a suite of free CO2 calculation tools for customers and third parties, the American Journal of Transportation reported.
Freightos, which has offices across Europe, the US, Asia, and the Middle East, was established in 2011 to help bring sales and automation for the freight industry online. Their SaaS-enabled marketplace for freight quotes and shipment management launched in July 2016, and has more than 10,000 registered users, Reuters reported earlier this year. In March, Freightos raised $25 million in funding led by GE Ventures. The company now has a total of $50 million in funding.
International trade-related freight transport is currently responsible for nearly a third of global carbon emissions from transport, the American Journal of Transportation says. Freightos aims to illuminate carbon emissions in the historically opaque global shipping sector with its marketplace and tools.
Every freight quote in the marketplace will include CO2 footprint results. In addition, the company will offer a free embeddable freight carbon calculator and free API that shows an estimated CO2 footprint based on the cargo route, dimensions, and mode of transport.
The journal offered this example of the new visibility offered: A freight consignment of 200 kilograms from Shanghai to London will produce 1.1 metric tons of CO2 by air cargo but only 0.02 metric tons (20 kilograms) of CO2 by ocean.
“Accurate, transparent calculations of carbon footprint within supply chain and logistics is an increasingly critical element for companies with aggressive sustainability goals,” Glen Schwaber, a partner and co-founder of the early-stage tech VC fund ICV told the outlet. Freightos is one of ICV’s portfolio companies.
Transparency tools that help logistics companies implement sustainability goals is a growing trend, Air Cargo World’s Caryn Livingston points out, citing Deutsche Post-DHL’s introduction last year of its own carbon calculator tool for customers.
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