Meniga’s transaction-based carbon footprint calculator has been approved by EY


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Carbon Insight, the underlying index by Meniga innovative green banking solution, has been reviewed by EY; one of the “Big-4” accounting and professional services firms.

Following the limited assurance, EY drew a conclusion regarding the reliability, transparency and adequacy of the methodology for estimating the carbon value of banking transactions.

With the conclusion of EY, Meniga can continue 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.

Meniga’s Carbon Index became the first such solution to receive such a review, highlighting Meniga as the established provider of carbon footprint solutions.

According to EY Future Consumption Index, there is a growing public appetite for sustainable development, and it is up to companies to meet such demand through the products and services they provide.

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 survey by Meniga, 62% of European consumers want their bank to provide them with an overview of their carbon footprint.

Bragi Fjalldal, Director of Marketing, Vice President of Product and Business Development, Meniga

Bragi Fjalldal, CMO and VP Business Development, comments: “EY insurance is a major step in our journey towards mass adoption of our Carbon Insight solution by banks around the world. We anticipate that our solution will 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 ”

Thomas Holm Møller, EY-Parthenon partner and EMEIA Digital co-manager
Thomas Holm Møller, EY-Parthenon partner and EMEIA Digital co-manager

Thomas Holm Moller, Partner EY-Parthenon and Co-Lead EMEIA Digital, added: “Climate change is one of the greatest challenges of our lives, and at the same time the innovation opportunity of a generation. The involvement of consumers is essential 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 need third party reviews to ensure quality and credibility for both banks and consumers. ”

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