The Commonwealth Bank now tracks YOUR carbon footprint based on how you spend your money – but you can pay to offset it
- Commonwealth Bank has new carbon footprint feature on internet banking
- App shows how many trees a customer has destroyed based on consumption
- Collaborated with eco start-up to promote sustainability from Australians
The Commonwealth Bank (CBA) has included a new feature in its online banking that tells customers how many trees they have destroyed with their carbon footprint based on monthly expenses.
The bank tries to encourage more sustainable purchases by highlighting the damage its customers have on the environment.
CBA’s online banking app shows the person’s carbon footprint for the current month as well as examples of the damage they cause, including the CO2 produced equivalent to the distance driven.
The Commonwealth Bank has included a new feature in its online banking that tells customers how many trees they have destroyed with their carbon footprint based on monthly expenses
The bank tries to encourage more sustainable purchases by highlighting the damage its customers have on the environment
Mark Latham told Daily Mail Australia the move from Comm Bank highlighted its ‘woke stupidity and hypocrisy’
The bank calculates a customer’s carbon footprint based on ‘transactions made on your CommBank credit or debit cards’.
It says the national average for carbon emissions in kilograms is 1,280 – while a sustainable figure is around 200.
Customers can pay a fee to help offset their carbon footprint in the app.
The personal data is an Australian first and comes as the bank partners with fintech start-up CoGo.
It was rolled out in 2021, with all customers now automatically signing up for the initiative.
One Nation MP Mark Latham questioned the authenticity of the approach by the big four banks.
‘If they are so concerned about dead trees as a result of bank charges, why do these imbeciles even run a bank?’ he told Daily Mail Australia.
‘It just highlights their own woke stupidity and hypocrisy.’
The bank calculates a customer’s carbon footprint based on ‘transactions made on your CommBank credit or debit cards’
The Commonwealth Bank says the data is private and not given to CoGo, and that the data will eventually be so specific that it can be broken down into individual transactions.
“By combining our rich customer data and CoGo’s industry-leading ability to measure carbon output, we will be able to provide greater transparency for customers so they can take actionable steps to reduce their environmental footprint,” said CommBank Group Director Angus Sullivan in a statement.
“Our data capabilities will provide greater personalization for customers overtime, including more detailed information about their carbon footprint with the ability to offset individual transactions.”
CBA’s online banking app shows the person’s carbon footprint for the current month as well as examples of the damage they cause
The program is designed to help companies with greater visibility over the impact they have on the environment, while partnering with renewable energy retailer Amber and providers of sustainability-related loans.
“There are more opportunities for customers to take actionable steps to reduce and offset their emissions than ever before. From buying clean energy products via a 0.99 per cent green loan and accessing renewable energy at wholesale costs with Amber, to customers can now settle their monthly transactions through the CommBank app using CoGo’s technology,” added Sullivan.
CoGo CEO and founder Ben Gleisner said they were proud to work with CBA to encourage Australian customers and businesses to operate more sustainably.