In force today
A disclosure trigger where a product promotes environmental or social characteristics; self-assessed, no threshold.
Regulation (EU) 2019/2088.Software · sustainable finance, cited
Sustainable finance software: SDR, SFDR and financed emissions
Sustainable finance software turns a firm’s holdings, loans and policies into the outputs UK and EU rules ask of asset managers, banks and insurers.
This page sets out those outputs rule by rule, and lists 16 vendors in their own words; this site has tested none and ranks none.
What the software does
What does sustainable finance software produce? Five outputs from one dataset
Sustainable finance software is the reporting layer for a financial firm: it reads holdings and produces what each rule asks for.
The platforms in this market are strong on data plumbing, and the best of them let one dataset feed the SDR, TCFD and SFDR outputs without re-keying.
The number at the centre of most of it is financed emissions, calculated by the PCAF method, which has its own page at financed emissions software.
The ESG data and ratings a firm buys in are covered on ESG risk software.
- 1
Holdings
Funds, loans, policies and issuers, with the data each rule needs.
- 2
Label tests
SDR objective, 70% test, standard, KPIs, by product.
- 3
Terms check
Names and marketing against the thirteen restricted terms.
- 4
Financed emissions
PCAF attribution and data-quality scores by asset class.
- 5
Reports
SDR and TCFD entity reports, SFDR for EU products, UK SRS S2 if listed.
The FCA’s SDR
What does SDR ask software to prove? A label is a prohibition with a carve-out
The FCA’s labels are drafted as a ban: ESG 4.1.1R says a firm “must not make use of” the four labels, then carves out products that qualify, in the Handbook.
Qualifying means a clear objective, at least 70% of gross asset value invested in line with it, a robust evidence-based standard and KPIs, which is exactly what software has to evidence.
The disclosures in ESG 5 follow labels or the restricted terms, and the entity-level report applies regardless of labels to firms above £5bn of assets under management.
The full regime is on FCA sustainability disclosure requirements.
SDR, rule by ruleExplore
SDR, rule by rule
Labels
“A firm must not make use of” the four labels, unless it qualifies.
SDR, rule by rule
70% test
At least 70% of gross asset value invested in line with the objective.
Law, later, proposal
Which rules bind your firm? It depends on what you manufacture
A UK asset manager, an EU product manufacturer, a bank and a pension trustee meet different sets of rules.
The anti-greenwashing rule reaches every FCA-authorised firm, while SFDR reaches a UK firm only for products in the EU, under Article 1 of the Regulation.
Pension trustees report under the DWP’s SI 2021/839, which is neither SDR nor UK SRS.
The checker beside this sorts each instrument by what it is today, including the SFDR reform, which is a proposal.
Sustainable finance rules · pick who you are
6 binding now · 0 made but applying later · 0 proposed only · 1 voluntary
| Instrument | Status | Source |
|---|---|---|
| Anti-greenwashing rule, ESG 4.3.1R Binding now | Applies to all FCA-authorised firms from 31 May 2024. | FCA ESG 4.3.1R |
| SDR labels, ESG 4.1.1R Binding now | A prohibition with a carve-out for qualifying products from 31 July 2024; 70% of gross assets in line with the objective. | FCA ESG 4.1, 4.2 |
| SDR naming and marketing, ESG 4.3.2R Binding now | Thirteen terms restricted for retail products. | FCA ESG 4.3.2R |
| SDR entity-level report, ESG 5.4.2R Binding now | Regardless of labels; firms with £5bn+ AUM (three-year rolling average) by 2 December 2026. | FCA ESG 5.4 |
| TCFD entity report, ESG 2 Binding now | Kept; product-level TCFD metrics were removed on 25 September 2026. | FCA ESG 2 |
| UK SRS S2 financed emissions Binding now | For listed companies in UKLR 6, 14, 15, 16 and 22: comply or explain for periods from 1 January 2027; ¶29(a)(vi)(2) for asset management, banking and insurance. | PS26/19; UK SRS S2 |
| PCAF Standard Voluntary | Market methodology for financed emissions; Part A third edition, December 2025. | PCAF |
Each status is dated to the instrument linked beside it; a proposal is never shown as law.
Nothing is stored or sent.
EU products
Is an Article 8 fund a label? No, and the reform would change the numbers
SFDR binds “financial market participants and financial advisers”, and Articles 8 and 9 add disclosures; they are not labels, in the text of Regulation (EU) 2019/2088.
The Commission’s reform, COM(2025) 841, would replace Articles 7, 8 and 9 with categories, so “Article 8” would mean something different.
It is a proposal: the Council agreed a general approach on 24 June 2026 and the Parliament had not adopted a position.
Software should generate disclosures on the law in force and show the reform as a proposal, never blend the two.
SFDR
Article 8
Article 8
As proposed
Article 8 would become an “ESG basics” category, the lowest tier, with exclusions and thresholds.
COM(2025) 841; not adopted.Financed emissions
Where do financed emissions go? Into UK SRS S2 and the client report
UK SRS S2 ¶29(a)(vi)(2) asks for additional information about financed emissions, “part of Category 15”, where activities include asset management, commercial banking or insurance, in the standard.
For listed companies in UKLR 6, 14, 15, 16 and 22 that is comply or explain for periods from 1 January 2027, under PS26/19.
The market method is PCAF, whose Part A third edition sets attribution by asset class.
PCAF’s data-quality scale runs from 1, highest, to 5, lowest, in Part C, so a dashboard that colours 5 green has inverted it.
Financed emissionsExplore
Financed emissions
UK SRS S2
Additional information, part of Category 15, for asset management, banking and insurance.
Financed emissions
Data quality
1 is highest, 5 is lowest; weighted by outstanding amount.
The tests before you sign
Eight questions for any platform, each tied to its rule
Each question names the rule it comes from and what a passing answer looks like.
Run them on one real fund and one real loan book, because the edge cases live in your data.
This site has tested no products
Nothing on this page is a rating, ranking or recommendation of any product.
Sustainable finance demo questions · tick the ones you need
The pass tests are our reading of the cited provisions.
Nothing you tick is stored or sent.
The vendors
16 vendors serving financial institutions, in their own words
Every vendor this site files under financed emissions, alphabetically, which ranks nothing, each linked to its own site and its profile here.
The registry covers 73 vendors, read 11 October 2026 and 30 September–1 October 2026.
16 vendors · financed emissions
“Intelligent AI that measures, reduces, and reports Scope 1–3 and LCA emissions in line with CDP, SBTi, CSRD, and CBAM requirements”
“Our software provides companies and financial institutions with precise accounting of the emissions caused by making, shipping and using critical commodities and products around the globe”
“We support financial institutions, companies, governments, and consumers in making the right decisions - efficiently, confidently, and at scale”
“Dcycle is an ESG software platform founded in 2020 that helps companies collect, manage, and govern sustainability and non-financial data”
“Deepki centralizes your sustainability data, strategy and operations in one place so you can act on carbon, climate risk, and finance”
IBM describes Envizi as a “compliance ready solution for ESG data”.
“Measurabl makes subjective sustainability data objective”
Microsoft Sustainability Manager
“Track and reduce your environmental impact using data and AI”
“Novata is a sustainability data management platform built for private market investors, deal teams, banks, and companies that need a scalable way to collect, manage, and act on sustainability data”
“One digital solution for sustainability planning, data management, reporting, analysis and action - built for enterprise”
Persefoni describes software and AI tools to manage an organisation’s “sustainability data, disclosures, and performance”.
Position Green describes “a sustainability reporting and management platform that combines powerful software with expert advisory services”.
“Pulsora is an AI-powered sustainability and carbon management platform that automates data collection, measurement, and reporting workflows for sustainability teams”
“Unravel Carbon is the climate platform helping companies with global supply chains make data-driven decisions”
“Carbon accounting is often the first step companies take toward climate disclosure, compliance, and action—and with Watershed, it’s part of your complete enterprise sustainability platform”
“Worldfavor is a supply chain due diligence platform founded in Stockholm in 2016”
Alphabetical, which ranks nothing.
Each description is the vendor’s own words from its own site, read 11 October 2026 and 30 September–1 October 2026; prices appear only where the vendor publishes one.
No product here has been tested by this site.
These platforms bring real depth to financial-sector data; ask each which of the outputs above it produces itself and which it hands to another tool.
16 vendors, own wordsExplore
16 vendors, own words
Filed under financed emissions
16 vendors in this site’s registry.
16 vendors, own words
Alphabetical
The order ranks nothing.
16 vendors, own words
Their own words
What each vendor says about itself, read 11 October 2026 and 30 September–1 October 2026.
16 vendors, own words
SDR outputs
Not recorded in the registry: ask as the first demonstration question.
For the board
Every sustainability claim a firm makes now needs evidence a regulator can read.
The anti-greenwashing rule applies to every FCA-authorised firm, labelled or not.
Takeaways
Sustainable finance software, in five facts
| Fact | What it means for the software |
|---|---|
| SDR labels are a prohibition with a carve-out | Evidence the 70% test and the standard, product by product. |
| Thirteen terms are restricted | Scan names and marketing. |
| Articles 8 and 9 are not labels | Generate SFDR disclosures on the law in force. |
| SFDR reform is a proposal | Show it separately until adopted. |
| PCAF data quality 1 is best | Check the scale in every dashboard. |
- 31 May 202401
- 24 Jun 202602
- 25 Sep 202603
- 2 Dec 202604
- 1 Jan 202705
Next: calculate the financed-emissions figure itself with financed emissions software.
Frequently asked
Sustainable finance software, answered
What is sustainable finance software?
Software that turns a financial firm’s holdings, loans and policies into the sustainability outputs regulators and clients ask for: SDR labels and disclosures, anti-greenwashing evidence, the TCFD entity report, SFDR disclosures for EU products, and financed emissions.
What is SFDR software?
Software that produces the disclosures the EU Sustainable Finance Disclosure Regulation asks of financial market participants and advisers: principal adverse impacts at entity level and the Article 6, 8 and 9 product disclosures.
A UK firm needs it for products it manufactures or distributes in the EU.
Is an Article 8 fund a label?
No. Articles 8 and 9 of SFDR are disclosure triggers, and the Commission itself has said they have been misused “as quasi labels”.
The UK’s SDR labels are a separate FCA regime.
Has SFDR been replaced?
No. The Commission proposed a reform, COM(2025) 841, in November 2025; the Council agreed a general approach on 24 June 2026, and the Parliament had not adopted its position.
The current Article 6, 8 and 9 regime remains the law.
What does the FCA’s SDR require?
Four optional labels drafted as a prohibition with a carve-out (ESG 4.1.1R), naming and marketing rules restricting thirteen terms (ESG 4.3.2R), disclosures (ESG 5), and an entity-level report for managers above £5bn of AUM.
The anti-greenwashing rule, ESG 4.3.1R, applies to all FCA-authorised firms.
Do unlabelled funds escape SDR disclosures?
No. ESG 5.1.1R triggers the consumer-facing and pre-contractual disclosures where a manager uses a label or one of the restricted terms, and the entity-level report applies regardless of labels to firms above the threshold.
What are financed emissions?
The emissions attributable to a financial institution’s lending, investments and underwriting.
UK SRS S2 ¶29(a)(vi)(2) asks for additional information about them, as part of Category 15, where an entity’s activities include asset management, commercial banking or insurance.
What does PCAF data quality score 1 mean?
The best.
PCAF scores data quality from 1, highest, to 5, lowest.
CDP’s own scale runs the other way, which is the usual source of the error.
Do product-level TCFD reports still exist?
Product-level TCFD metrics were removed from the FCA Handbook on 25 September 2026.
In-scope asset managers and asset owners keep the entity-level TCFD report and must provide climate data to clients on request.
Do pension schemes use the same rules?
No. Occupational pension scheme trustees report under the DWP regime in SI 2021/839, which is neither the FCA’s SDR nor UK SRS.
How is this different from financed emissions software?
Financed emissions software calculates one number by the PCAF method.
Sustainable finance software is the wider set of regulatory outputs, of which financed emissions is one input.
Has this site rated any sustainable finance platform?
No. The vendor list repeats what each vendor says about itself, alphabetically, and ranks nothing.
Sources
Primary sources
Every rule on this page traces to the instrument listed here.
Vendor descriptions are cited on each vendor’s profile.
Checked against 15 sources fromFinancial Conduct AuthorityDepartment for Business and TradeEUR-LexPCAFlegislation.gov.ukPrudential Regulation Authority
- Financial Conduct AuthoritySustainability Disclosure Requirements (SDR) and investment labels
The FCA’s SDR hub.
- Financial Conduct AuthorityFCA Handbook ESG 4 — labels, naming and marketing, anti-greenwashing
ESG 4.1.1R prohibition and carve-out; ESG 4.2.4R 70% test; ESG 4.3.1R; ESG 4.3.2R terms.
- Financial Conduct AuthorityFCA Handbook ESG 5 — SDR disclosures
Consumer-facing, pre-contractual, product and entity-level reports.
- Financial Conduct AuthorityFCA Handbook ESG 2.3 — product-level reporting (as amended 25 September 2026)
Product-level TCFD metrics removed; client data on request.
- Financial Conduct AuthorityClimate change and sustainable finance
The FCA’s overview of SDR, TCFD-aligned reporting and ESG ratings.
- Financial Conduct AuthorityPS26/19 — final rules on UK SRS reporting by listed companies
Comply or explain for UKLR 6, 14, 15, 16 and 22, periods from 1 January 2027.
- Department for Business and TradeUK SRS S2 Climate-related Disclosures (PDF), ¶29(a)(vi)(2), B59–B63A
Financed emissions for asset management, commercial banking and insurance.
- EUR-LexRegulation (EU) 2019/2088 (SFDR), Arts 1, 4, 6, 8, 9
Binds financial market participants and advisers; Articles 8 and 9 are disclosure triggers.
- EUR-LexCOM(2025) 841 final — the SFDR reform proposal
Proposed, not adopted; it would redefine Articles 7 to 9.
- PCAFThe Global GHG Accounting and Reporting Standard for the Financial Industry
Parts A, B and C and their editions.
- PCAFPart A: Financed Emissions, Third Edition (December 2025)
Attribution by asset class; the weighted data-quality score is a “should”.
- PCAFPart C: Insurance-Associated Emissions, Second Edition, Table 5.2-2
Data quality: 1 is highest, 5 is lowest.
- legislation.gov.ukOccupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (SI 2021/839)
The DWP regime for trustees; not the FCA, not UK SRS.
- Prudential Regulation AuthoritySS5/25 — banks’ and insurers’ management of climate-related risks (December 2025)
Replaced SS3/19.
- Department for Business and TradeUK Sustainability Reporting Standards S1 and S2
Published 25 February 2026.