Normative picks up the climate regulatory and reporting solution of the year at InsuranceERM's inaugural climate risk and sustainability awards.

Insurers increasingly face strict climate disclosure requirements and Normative, a Stockholm-headquartered carbon accounting software provider, has been recognised by the judges for making this regulatory landscape easier to navigate.

A major challenge faced by insurers is taking control of their value chain emissions, also known as Scope 3 emissions.

Normative stood out for the judges because it delivers carbon emissions calculations through scopes 1, 2, and 3 for enterprises. Its Scope 3 emissions calculations are performed with automation-driven data collection and processing, and are broken down into granular insights in the platform's visualisation dashboard.

The judging panel was impressed by the fact the vendor has automated the process of calculating financed emissions, thereby equipping financial institutions and insurers with the tools they need to adhere to stringent global ESG regulations and meet demanding net-zero targets, despite the challenges posed by their complex value chains.

In April this year Normative announced it had teamed up with Zurich to help the insurer better understand and reduce its supply chain emissions. Normative said at the time that it was supporting Zurich to help their suppliers calculate their carbon footprints "laying the groundwork for effective emissions reductions work".

Normative has also stepped up to help small to medium enterprises (SMEs) get on top of climate reporting, which is an often-forgotten group. Normative, as a founding member of the SME Climate Hub, has established free tools, such as the Business Carbon Calculator, to help smaller firms understand their carbon footprint.