Payhawk has partnered with Lune to launch a new platform, designed to help companies make more sustainable decisions related to company spending.
The solution, known as Payhawk Green, has come at a time where ESG expectations are an ever-growing concern for organisations, as stakeholder demands grow.
The apps new features are set to come at no additional cost for its users, and will allow customers to automatically quantify the CO2 associated with purchases on Payhawk cards. In addition, the platform can be customised to easily collect and manage Environmental Social and Corporate Governance (ESG) data for suppliers, thereby improving supply chain transparency.
Collectively, these features can be used to help businesses comply with new regulations and help support their own ESG initiatives, such as offsetting their emissions.
Hristo Borisov, CEO and Co-Founder of Payhawk, said: “Through speaking with our customers and our own experience pursuing ESG initiatives, we realised that our product puts us in a unique position to help companies when it comes to sustainability efforts associated with company spending, specifically with regards to the management of Scope 3 emissions.
“We hope that today’s release of Payhawk Green will help businesses with one component of their broader ESG initiative, and to develop more features in the future that further support our customers.”
Companies will soon need to comply with legislation such as the UK’s Streamlined Energy and Carbon Reporting (SECR) and the EU’s Corporate Sustainability Reporting Directive (CSRD).
In 2025, it will be the first financial year for which reporting should be done under the CSDR for companies with more than 250 employees, and a €40m net turnover. It is estimated that more than 50,000 companies will need to report Scope 1, 2 and 3 emissions.
With legislature soon incoming, platform’s such as Payhawk Green could become vital for companies, as they look to maximise profitability, and also garner stakeholder support through ESG compliance.
Erik Stadigh, Co-Founder of Lune, said: “Whilst sustainability is such a new topic, every company approaches it differently. In light of the new EU regulations, it is something every company needs to consider.
“Payhawk is helping to pioneer how the spend management space can support businesses with integrated carbon emissions reporting built into it, and does not charge extra for this export.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
