What Trove Research does

Trove Research was a carbon markets research and analytics company acquired by MSCI Inc. in 2023. Its capabilities now form the foundation of MSCI's Carbon Markets offering, which provides investor-grade data, analytics, and insights to participants across the voluntary and compliance carbon credit value chain.

The product platform combines proprietary data with advanced data science, geospatial intelligence, and economic modeling. Core offerings include Carbon Project Ratings (4,000+ rated projects), a Projects and Transactions Database (30,000+ projects across 15+ registries, 1 million+ transactions), Corporate Climate Data (15,000+ companies), multiple Carbon Credit Price Indexes alongside AI-generated prices for 30,000+ individual credits, Carbon Market Forecasts, and Policy and Guidance tracking across 180+ organizations and 40+ countries. Sector modules address Aviation (CORSIA compliance across 300+ airlines), Carbon Dioxide Removal (2,500+ transactions), and Nature-Based Solutions. Geospatial Asset Intelligence supports physical climate risk assessment and project-quality analysis.

The commercial model is enterprise B2B subscription-based, sold through consultative direct sales with quote-based pricing negotiated by organization size and data scope. Customers span six primary segments — banks, trading desks, institutional investors, companies/corporates, airlines, and project developers and investors — all served via the MSCI One platform. The marketing approach combines content (research reports, deep dives, weekly newsletter), webinars, and sales-assisted demo requests, leveraging MSCI's global enterprise distribution following the acquisition.

Name

Trove Research

Legal name

Trove Research

Website

https://trove-research.com

Company type

Private

Founded year

2015

Operating status

Acquired

Headcount range

51–100 employees

Short description

Trove Research, acquired by MSCI in 2023, provides investor-grade carbon market data, ratings, prices, and forecasts built on proprietary data, geospatial intelligence, and AI-generated pricing, serving banks, trading desks, investors, corporates, airlines, and project developers globally via enterprise subscriptions.

Ownership category

akta.pro rank

Product category

Carbon Market Data and Analytics

NAICS

Software Publishers (513210)

SIC

Investment Advice (6282)

akta.pro primary industry

Carbon Market Data, Indexing & Price Reporting (Benchmarks, indices, market data feeds) (EUABAAAD)

akta.pro secondary industries

Benchmarking, Ratings & Stakeholder Reporting Portals (Scorecards, Dashboards) (EUABAEAJ), Enterprise Carbon Accounting & GHG Inventory Platforms (EUABAEAA)

Keywords

• Carbon market analytics
• Carbon credit ratings
• Voluntary carbon markets
• Climate data analytics
• Carbon project data

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Data and Analytics Subscriptions: Subscription-based access to investor-grade carbon market data, ratings, analytics, forecasts, and insights. Provides continuous access to carbon project ratings, transaction data, price indexes, and policy tracking across multiple user seats.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Trove Research provides investor-grade carbon market data, analytics, and ratings for the voluntary carbon market, combining proprietary algorithms, AI-generated pricing, geospatial intelligence, and economic modeling to assess carbon projects, transactions, and corporate climate data. Its products span project ratings, market pricing and forecasts, corporate climate datasets, policy guidance, and sector-specific modules (aviation, CDR, nature-based solutions), sold as subscriptions to banks, trading desks, corporates, asset managers, airlines, and project developers.

Product overview

MSCI Carbon Markets, built on the acquisition of Trove Research in 2023, offers a unified platform providing investor-grade carbon market data and analytics. The platform combines proprietary data with advanced data science, geospatial, and economic modeling. The core product suite includes Carbon Project Ratings (covering 4,000+ projects), Projects and Transactions (30,000+ projects, 1M+ transactions), Corporate Climate Data (15,000+ companies), Carbon Credit Prices (30,000+ AI-generated prices), Carbon Market Forecasts, and Policy and Guidance. Sector-focused modules address Aviation (CORSIA), Carbon Dioxide Removal, and Nature-Based Solutions. The ecosystem serves intermediaries, developers, corporates, and investors across the voluntary carbon market.

Differentiator

Problem solved

Functional benefit

Products and services

• Carbon Project Ratings Investor-grade ratings of carbon projects in the voluntary carbon market, designed to help investors, banks, and corporates assess project quality and risk.
• Projects and Transactions Database of voluntary carbon market projects and transactions, providing deal-level visibility for participants in the carbon market ecosystem.
• Corporate Climate Data Corporate-level climate datasets used by investors and corporates to benchmark climate performance and inform ESG/climate strategies.
• Carbon Credit Prices Price assessments for voluntary carbon market credits, leveraging proprietary algorithms and AI-generated pricing to deliver investor-grade reference prices.
• Carbon Market Forecasts Forward-looking forecasts of voluntary carbon market prices and dynamics, built using economic modeling and Trove's underlying data layer.
• Policy and Guidance Policy and regulatory guidance covering voluntary carbon market standards, compliance frameworks, and rule changes affecting buyers and developers.
• Aviation Module Sector-specific carbon market intelligence for airlines and aviation buyers, including coverage of CORSIA-eligible units and aviation-relevant voluntary credits.
• Carbon Dioxide Removal (CDR) Module Carbon market data and intelligence specifically focused on carbon dioxide removal projects and credits, supporting pricing and project evaluation in the CDR segment.
• Nature-Based Solutions Module Carbon market data and analytics focused on nature-based solutions projects, including pricing, rating, and project-level intelligence for forestry, land use, and ecosystem-based credits.
• MSCI Carbon Markets (bundled offering) Unified MSCI Carbon Markets offering that bundles Trove Research's data with MSCI's broader climate and ESG capabilities to provide investor-grade carbon-related data, analytics, ratings, and research for financial institutions and corporates.

Quantifiable outcome

• Investor-grade ratings for 4,000+ carbon projects
• +4 more outcomes

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature6 records

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Customer concentration

• Xx.com/troveresearch

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trove Research