Commonwealth Bank of Australia has announced a collaboration with fintech start-up CoGo to offer customers personalized carbon footprint assessments based on their spending patterns.
In the initial phase of this partnership, a select group of retail customers will have the ability to view their carbon footprint directly through the CommBank app. They will also be able to offset their carbon emissions from the previous month by purchasing carbon credits. This feature is expected to roll out to all retail customers in the coming year.
The program aims to eventually extend its benefits to select small business customers, providing them with insights into their monthly carbon emissions throughout their supply chain.
Angus Sullivan, Group Executive at Commonwealth Bank, stated: “By leveraging our extensive customer data in conjunction with CoGo’s leading capabilities in measuring carbon outputs, we can offer customers enhanced transparency, empowering them to take actionable steps toward reducing their environmental impact.”
He further emphasized that over time, the bank’s data capabilities will enable increased personalization, delivering more detailed insights into individual carbon footprints and offering the option to offset specific transactions.