Pressure from authorities, the market, and civil society on companies to properly measure and report their greenhouse gas emissions appears to be gaining momentum after a decade and a half of progress and setbacks. AA good example of this is the Series C funding round for the startup Watershed Technology, which raised US$100 million and brought the company’s valuation to US$1.8 billion.

 According to one of its founders, the climate business is becoming THE business, as he told Bloomberg. The startup was founded by three former employees of Stripe, a financial services company that has set ambitious climate programs and goals for several years, including the launch of the Frontier CO2 removal fund. In fact, Watershed has partnered with Frontier—which in turn has brought on board other major technology and consulting firms—to provide its clients with carbon removal services.

Watershed offers a platform that enables companies to measure, report, and reduce their emissions. The startup uses the concept of “carbon under management” to measure its growth, which currently totals 479 million metric tons of CO2 equivalent, or 1% of the global total. Its goal, obviously, is to continue increasing this figure; however, as the number of companies using the platform continues to grow, the volume of CO2 under Watershed’s management will have to decrease, since one of the company’s business objectives is to help its clients reduce their emissions.

Although global standards for measuring corporate emissions were established about 20 years ago, measuring them has become increasingly difficult as reporting requirements have been extended to cover companies’ entire supply chains. Watershed has told Bloomberg that its clients include four of the six largest banks and six of the 10 largest private equity.