Berlin, Nov. 29th 2023 — ecolytiq, a pioneering climate engagement platform, has achieved a significant milestone by becoming the first organization to obtain ISAE 3000 certification for an open-sourced transaction-to-carbon methodology, covering both retail and SME (Small and Medium-sized Enterprise) customer segments. This certification underscores ecolytiq's unwavering commitment to transparency, accuracy, and accountability in its carbon impact assessment methodology.
ISAE 3000 is a globally recognized standard for the assurance of non-financial statements. This achievement of this certification highlights the company's dedication to providing a credible and trustworthy methodology for assessing the carbon impact of transactions for both retail and SME customers.
ecolytiq's open-source methodology is the result of close collaboration with the Organisation for Conscious Consumerism (OFCC). Their groundbreaking approach quantifies and analyzes the carbon intensity of retail and SME transactions, enabling financial institutions with more transparency. By open sourcing this methodology, ecolytiq and the OFCC have facilitated broader industry adoption, allowing a wide range of stakeholders, including businesses, governments, and consumers, to fulfill a need for standardized estimations of carbon footprints based on transactions.
Key features of ecolytiq's ISAE 3000-backed methodology:
1. Transparency: ecolytiq's methodology is openly accessible, fostering trust and collaboration across industries.
2. Localization: Country-specific models offer an additional layer of detail that helps foster climate action by considering regional differences in carbon intensity and consumption habits.
3. Data integrity: Rigorous assessment processes and checks ensure the quality and reliability of carbon impact calculations.
4. Applicability: Designed for use by both retail and SME segments, the methodology accommodates the diverse needs of businesses.
5. Environmental Stewardship: Empowers organizations to make data-driven decisions to reduce their carbon footprint.
Gracia Lanza, Research Team Lead at ecolytiq expressed pride in achieving this milestone, stating: "The ISAE 3000 certification is a long and rigorous process. Now having a certification that covers both retail and SME segments is a testament to our dedication to addressing climate change through innovative, data-driven solutions. Our open-source transaction-to-carbon methodology is a game-changer, enabling organizations to assess and mitigate their carbon impact with more confidence. We are taking a big step in providing the market with more credibility and comparability."
ecolytiq and the OFCC invite public and private stakeholders to actively participate in shaping the future of data transparency and climate action by becoming part of the Community of Practice. Dive deeper into the Open Standard that forms the base of the methodology here.
The climate engagement platform from ecolytiq guides banks and financial service providers in channeling consumer demand for sustainability into new business growth. The ecolytiq product suite enriches traditional banking with embedded transaction-based footprinting, personalized climate insights, and access to carbon credits. Having partnered with leading financial institutions globally, including Visa, TSYS, Worldline, Tink, Rabobank, and Vancity, ecolytiq operates globally, including in the UK, EU, US, and UAE, to leverage payment data for a better, more sustainable banking experience.
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