Commonwealth Bank of Australia is set to provide a personalized carbon footprint for its customers based on their cost data, in partnership with fintech startup CoGo.
In the first phase of the partnership, a selected group of retail customers will be able to see their carbon footprint through CommBank’s app and offset the previous month’s transactions by purchasing coal plants. This new feature will be available to all retail customers in 2022.
The program will be expanded to include selected small business customers, giving greater visibility of monthly carbon dioxide emissions throughout the supply chain.
Angus Sullivan, an executive at Commonwealth Bank Group, says that by combining customer data and CoGo’s industry-leading ability to measure carbon dioxide emissions, they will be able to provide greater transparency for their customers so they can take action to reduce their environmental footprint.
The data will provide greater personalization for customers, including more detailed information about their carbon footprint combined with the ability to hedge individual transactions.