Tide has teamed with Connect Earth to develop new carbon accounting tools aimed at helping Tide’s members reduce their carbon footprint.
The partnership addresses the significant role small businesses play in the UK’s greenhouse gas emissions, accounting for 50% of the total. Despite their willingness to combat climate change, 90% of SMEs face barriers such as finding the right solutions and cash flow constraints.
Tide, committed to making it simpler for its members to achieve net zero, made a pledge in 2023 to support their journey towards carbon neutrality. This collaboration with Connect Earth is a crucial step in fulfilling that promise.
Tide is set to roll out free access to Connect Earth’s carbon dashboard, Connect Insights, to the first batch of its 600,000 UK members. This dashboard provides a user-friendly platform that enhances awareness and understanding of sustainable practices, offering carbon data estimates for every business transaction and personalised carbon insights.
Throughout 2024 and beyond, Tide and Connect Earth will introduce additional tools, including automated carbon accounting for bank transactions, invoices, and accounting data. These tools will offer more insights and recommendations to help businesses align emission reductions with cost and time savings.
“Our partnership with Connect Earth marks the launch of an incredibly exciting carbon accounting project,” said Alexander Lempka, CEO and co-founder of Connect Earth. “Together, we will give Tide’s customers the ability to gain insights into their emissions, reduce their carbon footprint, and participate in reporting. By doing this, we are expanding access to climate data, contributing to the reduction of scope 3 emissions across the UK and beyond. This collaboration exemplifies how innovative partnerships can inspire and drive widespread sustainability, empowering SMEs with tools to make meaningful environmental impact.”
Vinay Ramani, CPO of Tide, expressed the importance of the partnership: “Nearly half of small businesses say carbon reduction is a high or very high priority. That’s an astonishing starting point and translates into an opportunity to really capitalise on a transition to net zero for SMEs. Tide’s partnership with Connect Earth will create a range of innovative tools to help our members measure, monitor, and manage their carbon emissions in their Tide accounts. This technology and support are crucial to delivering Tide’s own environmental pledges and a significant step to helping entrepreneurs globally reach net zero.”
Today’s announcement also highlights Connect Earth and Tide’s involvement as founding members of Bankers for Net Zero (B4NZ), aiming to accelerate the UK’s Net Zero transition. Their role in Project Perseus, a B4NZ initiative, focuses on creating automated emissions reporting for every SME in the UK.
Tide plans to roll out these products in India, where it has over 250,000 members, and other territories, including Germany. Tide aims to remove an additional one million tonnes of CO2e from the atmosphere by 2030 through its network of member businesses.
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