Australian bank Westpac has begun offering customers the ability to track their estimated carbon footprint in the Westpac app.
The bank’s new carbon footprint tracker technology has been developed in partnership with Cogo, a carbon management fintech.
Chris de Bruin, Westpac consumer and business banking chief executive, said: “Our research shows Australians are increasingly concerned about sustainability.
“However, there are knowledge gaps that prevent people from engaging in more sustainable behaviours.”
Customers who use the tool in the bank’s app will be provided with an estimate of their carbon emissions tracked from spending from their eligible accounts, based on aggregate industry categories, such as home energy and car fuel.
“The Westpac Carbon Footprint Tracker will give customers high-level insights into the carbon footprint associated with everyday purchases, such as takeaway food, transport, and groceries,” added de Bruin.
Through the tool, customers will be able to compare their estimated carbon footprint with Australian individual and household averages in similar categories, and will also be offered links to articles and resources, as well as ideas from Cogo, on how to live more sustainably.
Over time, the tool in the app will compare a customer’s previous month’s overall estimated carbon footprint and will work out their monthly average.
Westpac chief sustainability officer, Siobhan Toohill, called the Carbon Footprint Tracker “a great conversation starter”.
“At Westpac, we’re on a path to reduce our own direct footprint, and as part of the Net Zero Banking Alliance we’re also continuing our work to align our lending portfolios with net zero emissions by 2050,” she said.
In January, Westpac teamed up with AI company Rich Data Co to improve the lending experience for its business customers.