Netherlands-based Rabobank has launched Carbon Insights, empowering customers to monitor the impact their purchases have on the climate.
Through the Rabo app, users can track the CO2 emissions of every euro they spend.
It claims to be the first Dutch bank to provide customers with this type of functionality. Its aim is to increase climate awareness among customers.
The plan is to make the service available to all its private customers by the end of summer.
Fadoua Ajjaji, product manager carbon bank retail at the Rabo Carbon Bank, said, “On average a person makes about 35.000 choices every day. However, we don’t always know how green our choices are. You might know where the bananas come from that you buy in the supermarket, or when you book a train journey you can roughly calculate how much CO2 emissions that creates.
“However, with many of our purchases we don’t have a clue what the climate impact might be, even though the money we spend and how we spend it plays a large role in solving climate change. This is a missed opportunity as gaining insights is the first step in making more sustainable choices.”
Rabo Carbon Bank is the division of Rabobank that created Carbon Insights. The new tool aims to “make consumers part of the solution.”
The app divides customer spending into different categories, such as groceries, transportation, clothing and vacations. The platform is unable to know the exact products someone buys at a supermarket, so CO2 emissions are an estimation.
Carbon Insights was built in collaboration with green FinTech company Ecolytiq, which provides Rabobank with the Dutch CO2 values per euro and spending category.
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