Tide unveils carbon calculator to help SMEs achieve net zero

November 21, 2024

Tide, a leading business financial platform in the UK, has unveiled a new automated carbon calculator in partnership with carbon measurement specialist Connect Earth.

This innovative tool offers Tide’s 650,000 UK members detailed insights into their carbon emissions, categorised by business activity. It aims to help small and medium-sized enterprises (SMEs) measure, monitor, and manage their carbon footprint effectively.

This carbon tracking initiative marks the first step in Tide’s broader commitment to supporting UK SMEs in achieving net zero. Through Connect Earth’s carbon dashboard, Connect Insights, Tide members will be able to view real-time emission estimates and analyse the impact of their spending on carbon emissions. The dashboard also provides a detailed breakdown of carbon-related data across various business categories using advanced models and databases.

Tide’s journey toward sustainability began in 2023 when it pledged to simplify carbon neutrality for its members. This partnership with Connect Earth signifies a commitment to expanding the tools available to SMEs, including automated carbon accounting for bank transactions, invoices, and accounting data.

This initiative extends beyond the UK, with Tide planning a global rollout of its carbon-related products. Currently, Tide has over 400,000 members in India and recently entered the German market earlier in 2024. By 2030, the platform aims to achieve a reduction of one million tonnes of carbon dioxide equivalent (CO2e) through its network of member businesses.

Tide India CEO and head of net zero, Gurjodhpal Singh, emphasised the importance of empowering SMEs: “Around 99% of UK businesses are SMEs, and while many of them wish to cut emissions, two-thirds have admitted that financial barriers often stand in the way³. SMEs may have a smaller footprint individually, but they collectively contribute 43-53% of the UK’s business greenhouse gas emissions.

“We’ve already seen huge engagement from our members and today’s launch is significant, not only for Tide and the fintech industry but more importantly for SMEs. It gives them the resources they need to measure, monitor, and manage their emissions — directly through their Tide accounts.”

Connect Earth CEO and co-founder, Alexander Lempka, highlighted the broader impact of the initiative: “It’s fantastic to see Connect Earth’s solutions resonating with a growing number of SMEs eager to monitor, report, and reduce their carbon footprint. This is not only essential for our planet’s future but also empowers SMEs to stand out to customers looking for sustainable options, and to procurement teams that need this data to meet their own Scope 3 (upstream) reporting requirements.

“I’m excited to see the positive impact Connect Earth and Tide can achieve with this feature now in place. As more businesses adopt these practices, we’re building a powerful movement toward transparency and sustainability across entire supply chains.”