30.6.2022
4
mins
By
Team Cogo
Working with Australia’s largest banks to lower carbon footprints
Born out of a conviction that we need to move a lot faster in terms of taking personal responsibility and action for mitigating climate change, Cogo is already working with seven of the world’s largest banks, with plans to double this in the next twelve months.
We are working with Australia’s largest bank, Commonwealth Bank. The bank uses Cogo within its consumer banking app to enable customers to see the CO2 emissions associated with their daily spending. CommBank users are offered the option to offset their emissions. Cogo is also working on simplifying climate action for local Australian businesses with Cogo's Business Carbon Manager for which interested businesses can pre-register their interest, and expects to announce additional banking partnerships shortly.
"Australians are looking for greater transparency around their spending footprint. Technology that helps them easily and accurately measure their footprint and take proactive steps to reduce it is fast becoming something that will influence a bank’s ability to attract and retain customers,” believes Ben Gleisner, Cogo’s Founder.
He adds: “Banks are ideally positioned to take on the role of champion in supporting their customers to lower their carbon footprint. In a highly competitive market in which it’s hard to differentiate, banks cannot ignore this opportunity to stand out and establish themselves as a lifestyle partner to the conscious consumer.”
Globally, Cogo is on track to have over ten million customers using its carbon footprint management features by the end of 2022.
Action will create impact
Using engagement figures from Cogo's consumer-facing app, which is used by hundreds of thousands of users in the UK, it's estimated that as many as 74% of each bank's users explore their carbon footprint and, on average, commit to taking two climate-friendly actions to help reduce their climate footprint. Many of these are 'new' or outside of what they usually commit to.
“Applied to Australia, if Cogo could reach just 10% of the country's 26 million people via the country's largest banks in the next 12 months, the impact would be significant. If that 10% took just two climate-friendly actions every year, such as reducing flights by taking a longer holiday rather than two shorter ones and going vegan for one meal a week, it would equate to an annual carbon savings of over 822,000 tonnes - equal to planting over 13.5 million trees!" says Ben.*
Financial services partnership model helps scale success
“Many banks are already on a journey to reduce their operational emissions, and carbon footprint management tools will help them bring customers along on that journey to deliver planet-saving action at scale,” says Ben.
“There’s never been a more important time to impact the world’s carbon footprint. We’re proud to be the go-to solution for change for the world’s largest enterprises, and we’re excited about expanding this change throughout Australia,” concludes Ben.
*Cogo calculations and assumptions:
10% of Australia’s population taking action = 2,606,413 people
Reducing flights:
- Assumed flight path: MEL-SYD return = 217 kgCO2e, calculated using Toitu travel calculator emission factors
- Emissions from 1x trip = 217 kgCO2e; 2x trips = 434 kgCO2e (savings = 217 kgCO2e)
- 217 kgCO2e x 2,606,413 = 562,665 tCO2e
Going vegan for one meal a week:
- Based on data from ABS Household Expenditure Survey and IELab emission factors
- Emissions per meal (regular diet) = 3.94 kg CO2e
- Emissions per meal (vegan diet)= 2.04 kg CO2e
- Emissions savings per meal = 3.94 - 2.04 = 1.89 kg CO2e
- Annualised savings = 98.52 kgCO2e / person
- 98.52 kgCO2e x 2,606,413 = 256,792 tCO2e
Total emissions
- 562,665 + 256,792 = 822,384 tCO2e
Trees planted:
- Based on US EPA calculations
- 1 kgCO2e emitted into the atmosphere is equivalent to emissions absorbed by 0.0165 trees growing to maturity
- Total emissions = 822,384,704 kgCO2e
- 822,384,704 x 0.0165 = 13,569,331 trees
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