Meniga obtains independent assurance on its transaction-based carbon footprint calculator

‘Carbon Insight’ allows banking app users to track and reduce their carbon footprint.

Following the limited assurance (according to the ISAE 3000 standard), EY has made a conclusion regarding the reliability, transparency and suitability of the methodology for estimating the carbon value of banking transactions. For the full auditor’s report, see https://www.meniga.com/download/meniga-carbon-index.

With EY’s conclusion, Meniga continues to bolster its offering of green banking products, enhancing the credibility of the Carbon Index and establishing it as a possible benchmark for carbon footprint measurement tools. 

According to EY‘s Future Consumer Index, people increasingly want to make sustainable choices and companies need to respond to growing demand for eco-friendly products & services. Financial services organisations are no exception to this – and many banks are recognising the unique opportunity and tangible business value that green banking solutions can bring in serving 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. 

The Meniga Carbon Index is localised for each country and has been created by a team of data scientists using the latest environmental research and databases on the carbon emissions of goods and services. It contains the carbon intensity value of approximately 80 spending categories, as weighed against a currency unit, which helps provide a reliable carbon footprint estimate. Customer input along with demographic data 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 inaugural green banking solution, which allows users to estimate and track the carbon footprint that stems from their spending, empowering them to take high-impact action, whilst enabling banks to unlock new dimensions of customer engagement and create a more robust ESG strategy. 

The Carbon Insight solution informs, empowers and motivates customers to take action against their carbon emissions, through a number of innovative features, which include: 

• Instant overviews estimating the overall carbon footprint based on a user’s spending profile, broken down into spending categories and time periods 
• Personalised nudges and notifications to educate users on the specific aspects of their spending that are the most detrimental to the environment 
• Carbon benchmarking to allow users to compare their overall carbon footprint and the carbon footprint of spending categories with that of other users 
• Actionable advice and insights on how to reduce their carbon footprint across spending categories 

The solution also offers digital gamification to help banking customers consume more sustainably and offset their emissions via certified offsetting programs in developing countries.