Global information services company Experian has formed a new data partnership which aims to reduce the number of high-carbon emission cars within Handelsbanken’s current lending portfolio.
Via the partnership, which combines data sets from both companies, including information on CO2 emissions, Experian’s data analytics will provide an understanding of what percentage of vehicles within Handelsbanken’s asset finance portfolio are considered high or low in carbon emissions.
New and existing borrowers might then be incentivised to select low carbon emission or electric vehicles, while Handelsbanken has said it will create lending products that encourage customers to make more sustainable choices.
Mark Broadley, product owner of asset finance at Handelsbanken, said: “We’ve always felt a strong sense of responsibility to our communities, which is why Handelsbanken has set an ambitious target of achieving net zero by 2040.
“As a bank, the greatest impact we can have is through what we finance and what we invest in. That’s why we need reliable data – in this case on our asset finance customers’ vehicle emissions – so that we can support them on their own low-carbon transition journeys.”
Experian said that it will conduct regular checks as part of the partnership to ensure that progress is being made against Handelsbanken’s sustainability goals.
“Our partnership with Handelsbanken is a great example of how data can be used as a force for good in helping to tackle climate change,” added Gerardo Montoya, managing director of automotive at Experian UK&I.
“By providing a far more comprehensive view of high carbon emission vehicles within their portfolio, we have provided the foundations for them to implement the right strategies, helping to get more drivers considering environmentally-friendly alternatives when it comes to car purchases.”