As extreme weather events roiled communities around the world this summer, businesses and governments are feeling more pressure than ever to respond to climate change.

Tracking emissions has historically been difficult, because the methods for tracking a company’s carbon footprint are all over the place. In the U.S., corporate sustainability reporting remains unstandardized and largely voluntary. But the landscape looks better in Europe, as a recently adopted proposal is set to expand the number of companies that must produce sustainability reports. That measure will also require more detailed and standardized disclosures and impose mandatory audits.

That’s where companies like Plan A and Planetly come in. These Berlin-based startups make software that helps companies monitor, report and reduce their carbon emissions, and the market for their services is booming. Meanwhile, apps like Klima, which help individuals offset their own personal emissions, are also growing rapidly.

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Why Tracking Carbon Emissions Is Suddenly A Billion Dollar Opportunity