CommBank app to track your carbon footprint, will other banks follow?

Posted: 5 October 2021 6:50 pm
News
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Keen to know (and offset) your personal carbon footprint? Thanks to new tech from CommBank, you could have access to this info in the palm of your hands.

Commonwealth Bank has announced an Australian banking first that will give consumers access to their personalised carbon footprints based on their spending habits.

Your spending data will be analysed by the Big Four bank in a partnership with fintech start-up CoGo, said Angus Sullivan, Commonwealth Bank Group Executive.

"We'll be able to provide greater transparency for customers so that they can take actionable steps to reduce their environmental footprint," he said.

"Our data capability will provide greater personalisation for customers over time, including more granular information about their carbon footprint, with the option to offset individual transactions."

The launch comes as Finder's own Consumer Sentiment Tracker shows that 52% of Australians are currently "somewhat concerned" about their carbon footprint, while 13% are "extremely concerned".

When will personalised carbon footprints be available?

The first phase of the partnership will see a small group of the bank's customers get access to their carbon footprint via the CommBank app from early October.

They'll then have the opportunity to offset their previous month's transactions by purchasing carbon credits.

The feature will be available to all of the bank's retail customers by next year, said Sullivan.

"There are more opportunities for customers to take actionable steps to reduce and offset their emissions than ever before, from purchasing clean energy products via a 0.99 percent Green Loan… [to] now being able to offset their monthly transactions via the CommBank app using CoGo's technology," he said.

Will other banks offer personalised carbon footprint tracking?

CommBank isn't the first major bank to introduce this technology. All the way back in July 2020, Westpac launched a version of a similar carbon footprint tracking program (also in partnership with CoGo) – but in New Zealand only.

No word yet on a roll-out date for Australia, but it's likely to be on the cards.

Meanwhile, NAB has committed to be one of 38 banks globally (and the first Australian bank) to sign the Collective Commitment to Climate Action (CCCA).

And ANZ has been carbon neutral as an organisation since 2010 but hasn't confirmed any plans to keep customers informed of their own personal carbon impact.

You don't need to wait for a bank to give you access to your personal carbon footprint. From charging your phone to getting a cup of coffee or driving your car, Trace lets you track and offset your carbon footprint – check out your carbon impact today.

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