With the addition of a new function to its online banking platform, Commonwealth Bank (CBA) now informs users of their carbon footprint and the number of trees they have cut down. This information is based on monthly expenditure.
By emphasizing the negative impact its customers’ purchases have on the environment, the bank hopes to promote more environmentally friendly shopping.
The carbon footprint for the most recent month is shown on the CBA online banking app, along with instances of the harm being done, such as the amount of CO2 created by traveling a certain distance in a vehicle.
A customer’s carbon footprint is calculated by the bank based on “transactions made on your CommBank credit or debit cards.”
According to the report, a sustainable amount of carbon emissions is roughly 200 kg, compared to the national average of 1,280.
Within the app, users may pay a charge to help offset their carbon impact.
The bank teamed with fintech start-up CoGo to provide the individualized data, which is a first for Australia.
Mark Latham, a member of One Nation, questioned the legitimacy of the big four bank’s strategy.
Why are these idiots operating a bank at all if they are so concerned about dead trees caused by bank spending?
He told Daily Mail Australia, “”
It just serves to show their own awakened hypocrisy and idiocy.
According to Commonwealth Bank, the information is confidential and was not provided to CoGo. Eventually, the information will be so detailed that it will be possible to separate it into individual transactions.
“We will be able to provide greater transparency for customers so that they can take practical steps to reduce their environmental footprint,” CommBank Group executive Angus Sullivan said in a statement. “By combining our rich customer data and CoGo’s industry-leading capability in measuring carbon outputs.”
“Over time, our data capabilities will enable further personalization for consumers, including more detailed data about their carbon footprint with the choice to offset particular purchases.”
There are more options than ever for consumers to take concrete actions to lessen and balance their emissions. Customers may now offset their monthly purchases through the CommBank app utilizing CoGo’s technology, in addition to getting renewable energy at wholesale prices with Amber and buying sustainable energy items via a 0.99 percent Green Loan, Mr. Sullivan said.
Ben Gleisner, CEO and creator of CoGo, expressed pride in the company’s partnership with CBA in promoting more sustainably run operations among Australian consumers and companies.
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