Your carbon footprint is the carbon emissions that are created by your consumption and lifestyle choices. A carbon footprint is measured in kgs of carbon dioxide equivalent (CO2e) and represents your personal contribution to the polluting gases that cause climate change.
To calculate your carbon footprint, Cogo first analyses your banking data and matches every transaction to a specific industry (fashion, grocery, insurance etc.). It then multiplies each transaction by an ‘emissions factor’ for that industry to work out the carbon footprint of that transaction. For example, £1 spent at a UK fashion retailer creates on average 1kg CO2e.
The emissions factors are reduced for certain companies in an industry (e.g. renewable energy providers and second-hand clothing businesses) and the emissions factors for grocery and food spending are reduced based on diet - (e.g. not eating red meat reduces the emissions factor of your grocery spending by approximately 10%). Cogo uses data from the Office of National Statistics as a basis for the diet adjustments.
To work out your monthly carbon footprint, Cogo totals all the carbon footprints of your transactions in a given month. The average monthly carbon footprint of a UK citizen is approximately 1,000kgs. To avoid some of the most dangerous impacts of climate change, scientists around the world recommend we each reduce our carbon footprints to around 180kgs a month by 2030. It is going to take some effort, but Cogo is here to help!