Why Banking Data is the Best Way to Understand Individual Carbon Footprints

A complicated set of constantly changing variables determines this size, fueled by an individual’s purchasing choices. Accurately calculating this value has thus far been a challenge. Consequently, there has been a noticeable lack of transparency in regards to carbon calculations, resulting in sometimes vastly different, well, shoe sizes.

“There is no better data pool globally available to calculate individual climate impact than payment transactions.”

Despite these complexities and discrepancies, payment transactions remain the most comprehensive and effective way of calculating individual carbon footprints, giving consumers the agency to secure a better tomorrow.

The Here and Now 

The confluence of two crucial factors makes these payment-data-based calculations more relevant than ever. Let’s dive into it. 

The first and most obvious factor is the shift in public perception of climate change. Public opinion data has shown a steady increase in public concern around climate change, with an 11% increase in people viewing climate as a major threat in the last seven years. According to the Pew Research Center, climate change ranks as the most pressing issue in more countries than any other issue. A record low of only 9% of people do not consider climate to be a threat.

“Empowerment promotes action – action catalyses change.”

Although public opinion surrounding the dire threat of climate change has risen rapidly, politics continues to lag far behind. This disconnect presents an opportunity to give consumers the power to act without having to wait for the political machinery to catch up.

The second factor lies in technological advancement. With innovations in data processing and management coupled with advancements in AI software, the ability to offer personalized, accurate carbon calculations is no longer a figment of the imagination – it’s here. This allows us at ecolytiq to take this seemingly massive, unstoppable issue of climate change and break it down into bite-sized pieces, giving each consumer the chance to do their part in halting and reversing the adverse effects of climate change. Empowerment promotes action – action catalyses change.

Data: Divisive or Decisive?

Our work, in line with the Organisation for Sustainable Consumption’s Open Standard, is, at its core, climate focused. In order to provide personalized carbon footprint calculations, we analyze banking transaction data. 

“Never has there been a better time to join us at the cutting-edge of sustainable banking.”

Data has never been more valuable. Yet, not all data is created equally nor is all data treated fairly. This underlines the fact that data, especially within the financial services sector, is sensitive. As it becomes more widely available and used, the need for frameworks on its handling and usage become more necessary.

There is no better data pool globally available to calculate individual climate impact than payment transactions. We realize the vital role we play in making sure we protect data integrity. In the pursuit of this goal, we maintain high levels of transparency and responsibility. Our carbon calculations are only as useful as they are accurate, making data credibility a top priority for us.

A Change is Coming

The world continues to change at a hard-to-comprehend pace. Change is inevitable and consumers are expecting more from their banks. Whether or not you become a leader in shaping its course, well, that is ultimately up to you. Never has there been a better time to join us at the cutting-edge of sustainable banking and secure your spot as a changemaker.

One question remains, what are you waiting for?

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Authored by Max Honzik, PR & Content Manager at ecolytiq