The term Carbon footprint is one we’re all familiar with but a concept that has been tough to grasp. Do you know what your carbon footprint is? If I were to tell you that your carbon footprint is 7 tons, would you know if that’s a lot or a little?
BBC article “Is it worth tracking your carbon footprint?” follows Sigaporian Alya Annabi who has made the choice to “take her environmental mission to the next level by tracking her carbon emissions”. She’s able to do so thanks to the technology and innovation of carbon tracking apps.
Customers like Annabi, those who are climate aware with the desire to act, have now moved into the majority.
Almost two thirds of people around the world now view climate change as a global emergency, according to the largest opinion poll on tackling global warming.
This means that catering to the carbon-conscious customer should be a priority for banks. Not only is it important for banks’ CSR strategy, but it is simply good business.
Needless to say, focusing on green products is far from being a revelation. “The sustainable investing industry has grown more than 25-fold since 1995, with the biggest increase occurring since 2012. Assets now total $17 trn (US SIF 2020). From green car loans, home loans, mortgages and savings to commitments to being paperless to producing sustainable credit cards, banks are finding ways to make an impact on climate change.
While these initiatives are both meaningful and important, they are mostly one-off occurrences or infrequent at best. The beauty of Meniga’s Carbon Insight is that it can be adopted into any digital bank and it gives the customer the opportunity to interact with their carbon footprint as much or as little as they want. “While the big impact on CO2 emissions will have to be made by governments and business, apps…are helping individuals measure their own carbon footprint, as well offering ways to offset emissions and providing tips on leading a lower carbon lifestyle.”
Carbon enthusiasts can check in daily, where those that are simply carbon curious can engage as they see fit. They can work out ways to reduce or commit to offsetting and they can feel like they are making an impact, all through your digital bank.
“While the big impact on CO2 emissions will have to be made by governments and business, apps…are helping individuals measure their own carbon footprint, as well offering ways to offset emissions and providing tips on leading a lower carbon lifestyle.”
Up until now, our opportunities to take action towards our carbon footprint have been limited and its impact ambiguous. Take for example, when presented with the choice to offset the carbon footprint of a purchase. We have no idea what our offsetting actually accomplished, all we know is that we’re out of pocket a few extra dollars for it.
The key to a successful carbon app is not simply one that tells you your carbon footprint. It should help you understand how your actions, purchases, and life choices affect your carbon footprint, it should provide insight into ways to reduce it, and finally offer simple, easy but most importantly, meaningful ways to offset it.
Meniga’s Carbon Insight does exactly this and all within the digital bank. Using transactional data, we are able to give customers a detailed breakdown of their carbon footprint. Present it within categories making it easier to digest and can also show them a comparison of their carbon footprint with other customers.
One thing that this global pandemic has reminded us is that we are all in this together. We each have a part to play in the safekeeping of our planet. By implementing Carbon Insight through your digital bank, you are empowering your customers by making it simple and easy for them to take action for change.
And check out our website for more info on how Carbon Insight can work for your bank.
About The BBC
The British Broadcasting Corporation (BBC) is a British public service broadcaster. Its headquarters are at Broadcasting House in Westminster, London. BBC is the world’s oldest national broadcasting organisation and the largest broadcaster in the world by number of employees. BBC News Online attracts nearly 100,000,000 monthly unique visitors.