EY checks Meniga’s carbon footprint calculator
Meniga (www.meniga.com), the global leader in digital banking and personal finance solutions, today announced that the index underpinning its innovative green banking solution ‘Carbon Insight’ – which enables users to banking applications to track and reduce their carbon footprint – has been reviewed by EY, one of the “Big-4” accounting and professional services firms in the world.
Following the limited assurance (according to the ISAE 3000 standard), EY issued a conclusion on the reliability, transparency and adequacy of the methodology for estimating the carbon value of banking operations. For the full auditor’s report, see https://www.meniga.com/download/meniga-carbon-index.
With the conclusion of EY, Meniga continues to strengthen its green banking product offering, strengthening the credibility of the carbon index and establishing it as a possible benchmark for carbon footprint measurement tools. The Meniga Carbon Index is the first such solution to receive such a review, further highlighting Meniga’s credentials as a leading provider of carbon footprint solutions in the world.
Bragi Fjalldal, CMO & VP Business Development, comments:
“Insurance from EY is an important step in our journey towards mass adoption of our Carbon Insight solution by banks around the world. We expect our solution to be available in 5-6 countries by the end of the year as more banks recognize the opportunity they have to take a strong stand in the fight against climate change with their clients.
“Third party review is essential to establishing the credibility of a solution of this complexity and this has been a clear expectation of the banks that have signed up to date. We are extremely proud to be the first solution of this type to go through this independent insurance ”
According to EY Future Consumption Index, people increasingly want to make sustainable choices and businesses must meet the growing demand for environmentally friendly products and services. Financial services organizations are no exception to this rule – and many banks recognize the unique opportunity and tangible business value that green banking solutions can bring to meet the needs of the rapidly growing segment of carbon-conscious consumers. According to a recent Meniga survey, 62% of European consumers want their bank to provide them with an overview of their carbon footprint.
Thomas Holm Møller, Partner EY-Parthenon & Co-Lead EMEIA Digital, comments: “Climate change is one of the biggest challenges of our life, and at the same time the innovation opportunity of a generation. The involvement of consumers is essential in order to accelerate our journey towards net zero emissions. Banks are in a unique position to enable a rapidly growing movement of carbon-conscious consumers by providing real-time access to carbon footprint data and information. These types of advanced data analysis solutions require third party reviews to ensure the quality and credibility of both banks and consumers. “
About Carbon Insight and Meniga Carbon Index
The Meniga Carbon Index is localized for each country and was created by a team of data scientists using the latest environmental research and databases on carbon emissions from goods and services. It contains the value of the carbon intensity of about 80 categories of expenditure, weighted against a monetary unit, which helps to provide a reliable estimate of the carbon footprint. Customer feedback along with demographics and adjustments made for airline flights, public transportation and other such expenses are used to maintain a reliable carbon footprint calculation.
‘Carbon Insight’ is Meniga’s first green banking solution, which allows users to estimate and track the carbon footprint that results from their spending, enabling them to take high-impact action, while allowing banks to unlock new dimensions of customer engagement and create a more solid ESG strategy.
The Carbon Insight solution informs, empowers and motivates customers to take action on their carbon emissions, through a number of innovative features, including:
● Instant insights estimating the overall carbon footprint based on a user’s spending profile, broken down into expense categories and time periods
● Custom nudges and notifications to inform users about the specific aspects of their spending that are most damaging to the environment
● Carbon benchmarking to allow users to compare their overall carbon footprint and the carbon footprint of expenditure categories with that of other users
● Tips and actionable ideas on how to reduce their carbon footprint across all spending categories
The solution also offers digital gamification to help banking customers consume more sustainably and offset their emissions through certified offset programs in developing countries.
The development of the Meniga Carbon Index is overseen by the Meniga Environmental Advisory Board, represented by climate change experts from organizations such as the UNFCCC, Accountancy Europe, the World Resource Institute and the University of Iceland.