The Best Novata Alternatives for ESG and Carbon Reporting in 2026
Novata has become one of the first names private-markets teams reach for when they need to collect, measure and report ESG data. It is well built and well backed, but no single platform is the right fit for every team.
Different firms need different things, whether that is dual company-and-fund reporting, deep supply chain tracking or a gentler learning curve. This guide compares Novata with the strongest alternatives so you can match a platform to how you actually work.
Key Takeaways
- Novata is purpose-built for private markets, but corporate teams and some funds often need broader or simpler options.
- KEY ESG is the closest all-in-one alternative, covering both company-level and fund-level reporting in two connected platforms.
- Watershed, Persefoni and Sweep each lead on a specific strength: enterprise scale, financed emissions and supply chain depth.
- The best choice depends on your size, your frameworks and whether you report as a company, an investor or both.
What to Look for in a Novata Alternative
Start with coverage. Check that the platform supports your frameworks, whether that is CSRD, SFDR, IFRS or EDCI, and that its carbon accounting reaches Scope 3.
Then think about who is reporting. Some tools are built for in-house corporate teams, others for investors rolling up portfolio data, and a few do both.
Finally, weigh usability and audit-readiness. A platform your team can actually use, with a clean audit trail, beats a powerful tool nobody adopts.
Novata and the Best Alternatives in 2026
1. Novata (the benchmark)
Novata is the platform most private-markets teams know first. Founded in 2021 by a consortium that includes S&P Global, Hamilton Lane, the Ford Foundation and Omidyar Network, it serves around 7,000 companies across more than 20 countries.
It focuses on ESG data collection, benchmarking and reporting for private equity, with a Carbon Navigator for Scope 1, 2 and 3, CSRD and SFDR tools and an ESG due diligence module. As a certified B Corp its strength sits squarely in private markets, which is exactly why corporate teams and some funds look around.
2. KEY ESG
KEY ESG is the most direct alternative for teams that want one platform for both companies and funds. It runs two connected products, one for in-house sustainability teams and one for PE and VC firms rolling portfolio data up into fund-level reports.
It covers the major frameworks including CSRD, SFDR, IFRS S1 and S2, TCFD, EU Taxonomy and EDCI, and handles Scope 1, 2 and 3 carbon accounting with more than 70,000 emission factors aligned to the GHG Protocol. With over 10,000 monthly active users, a 97% satisfaction rate and a reputation for being easy to use, it suits teams that want depth without a steep learning curve. In-platform double materiality and a full audit trail round it out.
3. Watershed
Watershed is the enterprise heavyweight. Founded in 2019 and named a Leader in the 2026 Verdantix Green Quadrant, it pairs real-time emissions tracking with scenario modelling and decarbonisation planning.
It is built for large organisations with mature data infrastructure and dedicated sustainability teams. Smaller teams may find it more than they need.

4. Persefoni
Persefoni is the pick for financial institutions. Founded in 2020, its calculation engine is aligned with both the GHG Protocol and PCAF, which makes it especially strong for financed emissions and portfolio analytics.
Embedded AI handles anomaly detection and technical carbon queries, while a carbon ledger model keeps everything auditable. It is a natural fit for banks, asset managers and investors with heavy disclosure demands.
5. Sweep
Sweep is a Paris and London based platform built for enterprises with complex supply chains. Also a 2026 Verdantix Leader, it shines at supplier-level Scope 3 engagement, letting suppliers input data directly and share reduction targets.
Its "Track, Disclose, Act" structure suits companies that want to turn sustainability data into measurable business performance rather than just a compliance report.
6. Greenly
Greenly rounds out the list as the accessible option. Founded in Paris in 2019, it targets SMBs and European mid-market businesses with broad ESG coverage, life cycle analysis and an EcoPilot AI assistant.
For smaller teams taking their first structured steps into carbon and ESG reporting, it is one of the easier on-ramps available.
How to Choose the Right Platform
The right choice comes down to who you are. Private-markets investors who want benchmarks and a B Corp ethos may stay with Novata, while teams that report at both company and fund level often prefer KEY ESG's two-in-one setup.
Enterprises with heavy supply chains lean toward Watershed or Sweep, financial institutions toward Persefoni, and smaller businesses toward Greenly.

Whichever way you lean, map your frameworks first. A quick side-by-side comparison of frameworks, carbon scopes and best-fit users will tell you which platforms genuinely fit before you ever sit through a demo.
The Bottom Line
No single platform wins for everyone. Novata set the standard for private markets, but each alternative beats it on a specific axis, whether that is dual company-and-fund reporting, enterprise scale or sheer simplicity.
Match the tool to your team and your reporting obligations, then test a shortlist of two or three.
The best platform is the one your people will actually use.
Frequently Asked Questions
What is the best alternative to Novata?
It depends on your needs. KEY ESG is the strongest pick for teams reporting at both company and fund level, while Watershed and Persefoni suit large enterprises and financial institutions respectively.
Does KEY ESG work for both companies and investors?
Yes. KEY ESG runs two connected platforms, one for in-house corporate sustainability teams and one for PE and VC firms consolidating portfolio data into fund-level reports.
Which frameworks do these platforms support?
Most cover the major ones. KEY ESG supports CSRD, SFDR, IFRS S1 and S2, TCFD, EU Taxonomy and EDCI, and every platform here handles Scope 1, 2 and 3 carbon accounting.
Are these alternatives suitable for small businesses?
Some are. Greenly is built for SMBs and mid-market firms, KEY ESG scales from mid-sized companies upward, and Watershed and Sweep are aimed at larger enterprises.
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