Why does BBVA’s carbon footprint calculator suggest you turn down the heat?

Currently, these expenses of gas, electricity and fuel used for the calculation, which produce direct CO2 emissions, on average, constitute 37% of total emissions from individual customers. Although the calculator currently only uses this energy consumption data for calculations, there are plans to include new types of expenses so that customers have a more accurate picture of their carbon footprint. Thus, in the next phase, which will be implemented in 2022, public transport (planes, trains, buses, metros and taxis) will be included.

There are ambitious plans for the calculator and the development team hasn’t ruled out including other expenses that produce indirect emissions, for example the purchase of food and clothing, the production of which has its own carbon footprint. “They are much more difficult to measure and attribute to each individual. For the moment, it is not planned, but it is not excluded ”, explains Jones.

Tips for the environmental impact of everyday life

When the calculator knows how much CO2 customers emit with their daily habits, he recommends goals to reduce them. If the estimated expenditure for electricity or gas is high compared to those of other customers who live in the same climatic region (it distinguishes according to the Mediterranean, continental or Cantabrian / Atlantic region), the algorithm proposes recommendations for using energy more efficiently. For example, turn down the heating or as a replacement bulbs with other types of more efficient, LED bulbs. However, these recommendations are omitted for customers who have a green energy plan.

In other cases, it may offer green loans for home renovations that increase energy efficiency (if the cost of electricity and gas is consistently high), install solar panels or acquire a electric or hybrid vehicle, for high fuel costs. In future updates, for all recommendations that require investment on the part of the client, BBVA will offer the most accurate estimate possible of the time it will take to make the investment profitable.

“Society is asking more and more solutions for the transition to a sustainable economy”, explained Luis Simões, the Retail Customer Solutions Manager in the Customer Solutions area of ​​BBVA. “With this feature, we want to support our customers in their journey towards ecological transition, show them their carbon footprint and offer them personalized proposals to reduce it, so that they save money and improve their financial health while helping to create a more carbon-free environment. world.”

Comparison of commercial performance

When the customer is a business, the characteristic compares the performance of his company with that of other similar companies in their sector. “From billing data, number of employees and industry, we can determine which customers are similar. We use these variables segment customers, because we have determined by statistical tests that they influence the behavior of energy consumption, and at the same time, are understandable for the customer ”, said Minyuan Chen from the Advanced Analytics for Enterprise Clients team in the Client Solutions area of ​​BBVA.

The purpose of this segmentation is to be able to tell them whether they are spending more, less or as much as other companies, by informing them of their consumption percentile within their comparison group.

BBVA’s function allows them plan their annual expenses, and set savings targets, as a percentage of the amount spent the previous year, or a fixed amount in euros. They can also set different goals for each energy category and see how are their expenses evolving at different times of the year. With the prior agreement of the customer, the calculator also takes into account its activity of other banks.

Trade recommendations focus on buying financial products for a more sustainable activity, for which a recommendation tool has been designed taking into account the customer’s sector and their energy costs. For companies with more intensive energy consumption, the calculator can offer rental of LED lighting, photovoltaic solar energy for self-consumption or energy efficiency. In the meantime, if their spending is focused on fuel or transport, it will offer the leasing of cars and vans or even charging stations for electric vehicles.

Next steps

In future updates, in addition to integrating spending in transportation, tools will be used to compare energy and financial savings when using household appliances with more sustainable energy ratings or ‘using an electric vehicle instead of a combustion vehicle ”, explained Maria williams, Director of Sustainable Retail at BBVA. “In 2022, we also plan to integrate the activity of accounts and cards of other banks in the calculation of the carbon footprint of private customers.”

For the business component, “we are working on simulators to estimate CO2 taxes – a tool for aid and subsidies and the integration of the calculator with the Management Desk in order to improve multichannel advice to customers,” the press release said. Jaime Marin, Global Sustainability Program Manager for Enterprises at the bank. “In addition, we plan to continue to increase customer segmentation based on their industry, region, consumption, etc. so that the recommendations we offer them are more and more personalized.

The calculator will be gradually introduced in all the places where BBVA is present. In early 2022, he will arrive in Turkey.

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