Personal finance management app Planto has teamed up with carbon footprint tracking platform Cogo with the goal to promote sustainability within banks.
The companies have built a carbon footprint calculator that lets consumers and small businesses monitor carbon emissions caused by their daily spending lifestyle habits, according to a report from South China Morning Post. Users are also given suggestions on how to reduce their impact, such as replacing a meal with a vegan option.
Banks in Hong Kong have been in discussions about embedding the tool into their mobile banking apps. These banks will be charged a fee depending on how many customers using the service each year.
Users will be able to opt-in and the carbon emissions will be categorised into specific areas, such as transport.
Cogo CEO in the Asia-Pacific region Julie Lindenberg told South China Morning Post, ?People care more and want to know more about sustainability, but they dont know what actions they can take to reduce their footprint. Our software is an enabler, at no cost to [consumers], to understand what their footprint is and what are some ways that they can take to [reduce] it.p>
Hong Kong-based Plantgo offers a mobile app with a suite of personal finance management tools. Its features include expense tracking, financial goal planning, actionable insights, savings guides and more.
New Zealand-based Cogo offers real-time sustainability data so companies can help customers better understand the carbon impact of their spending and how to improve it.
Hong Kong has been making a lot of moves in the ESG space. The Hong Kong Monetary Authority recently launched pilot climate risk stress test results. It showed that banks need to take early actions to manage potential climate risks that could impact them.
Late last year, the chairman of Hong Kong Securities and Futures Commission (SFC) revealed the regulator is looking to adopt global ESG standards to prevent cases of greenwashing.
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