The financial industry is increasingly embracing sustainable practices, with numerous fintech companies dedicated to fostering greener solutions. As interest in climate technology and sustainable finance grows among consumers and stakeholders, regulations and standards for Environmental, Social, and Governance (ESG) initiatives are becoming more widespread.
Oli Cook, founder and CEO of embedded sustainability provider ekko, discusses the crucial link between fintech and sustainability, highlighting how transaction data can help consumers make informed, impactful lifestyle choices. “The purpose of ekko is to assist individuals in making sustainable purchasing decisions in their everyday lives by providing real-time carbon emissions data,” Cook explains.
Ekko’s innovative technology platform integrates seamlessly with any global payment transaction, enhancing it with sustainable outcomes and “nudges” that encourage mindful financial choices. Cook outlines a range of solutions offered by ekko, including carbon tracking, offsetting, plastic waste removal, reforestation, and animal conservation, all designed to integrate into various payment experiences worldwide.
In partnership with Mastercard, ekko has become the first UK fintech to join the Mastercard Priceless Planet Coalition, an initiative aimed at planting 100 million trees globally by 2025. In addition, Cook mentions the recent launch of a debit card designed for consumers to promote sustainable decision-making. The accompanying app monitors users’ consumption patterns and provides tangible insights into their climate impact, fostering a growing demand for the card, especially as businesses adopt it as part of their employee benefits programs.
The app empowers users to understand their carbon footprint, illustrating how their choices positively affect the environment by tracking metrics such as the amount of plastic they’ve prevented from polluting the oceans and the number of trees they’ve effectively planted through sustainable choices. Cook describes this approach as “embedded sustainability,” capable of integrating with any bank, payment provider, or card issuer to facilitate environmentally friendly choices.
He emphasizes that sustainability should permeate all levels of society and the profound effect it can have on users: “If you feel you are doing good regularly, you will continue to do more good. Our research shows that positive reinforcement is effective, and people are making more sustainable choices both within and beyond the ekko framework. This demonstrates the significant role fintech can play.”
Looking ahead, Cook notes a growing demand from consumers, investors, and employees for companies to adopt greener values. He expresses optimism about businesses increasingly incorporating sustainability and ESG objectives into their core principles rather than treating them as secondary projects. Finally, Cook calls for more stringent regulations concerning sustainability impact, which would enable clearer measurement and visibility of the effects of such frameworks.