From this month, customers of The Cumberland will find it easier to monitor their carbon spend with a tool to measure and reduce their carbon footprints.
The building society’s 70,000 current account customers are being encouraged to download the Cogo app and link their Cumberland account to give them a clear picture of how their spending affects the environment – covering financial transactions, investments, and day-to-day purchases. Based on the details of each customer’s spend, the app will offer suggestions to help reduce or offset their carbon footprint.
Cogo’s powerful algorithm can calculate the carbon emissions for all transactions that occur on an account. To calculate a person or household’s carbon footprint, Cogo first analyses the banking data and matches every transaction to a specific industry (i.e. fashion, grocery, insurance). The transaction’s carbon footprint is then calculated using secure open banking data. For example, £1 spent at a UK fashion retailer creates on average 1kg CO2e. The app also considers the type of products each company sells, such as which energy suppliers use 100% renewable power.
The partnership with Cogo marks the beginning of the sustainability journey for the building society. It focuses on informing customers and encouraging collective action. The Cumberland, the UK’s first building society to encourage carbon tracking is paving the way for other societies to embrace sustainability and assist customers in assessing how their financial decisions are impacting the environment.
Based on Cogo’s previous experience, each customer that engages and takes action could save approximately 130kg of carbon emissions a year; the more action they adopt the greater their potential savings. If all of Cumberland’s customers engage with this carbon tracking tool, the initiative has the potential to save over 9 million kgs CO2e per year – that is equivalent to fyling 26.6 million miles, which is the same as over 1000 circumnavigations of the globe.
Emma Kisby, UK CEO of Cogo, stated: “At Cogo, we are committed to getting people to measure, reduce and offset their impact on the climate. We need to collaborate with like-minded organisations such as The Cumberland’s first building society partnership. This will allow us to make an impact on a large scale.
“Through the use of our powerful data-driven insights, The Cumberland’s thousands of customers will now be able to understand their own carbon footprint and learn more about how their everyday choices impact the planet.
“We’re excited to be entering into this first-of-its-kind partnership with The Cumberland, leading the way in championing a sustainable approach to spending.
Nigel Taylor is Head of Marketing and Brand at The Cumberland.:“ “At The Cumberland we are aware of how instrumental sustainability is to our strategy and goals. We’re excited to partner with Cogo as it aligns perfectly with our core purpose, helping people understand how they can positively impact the environment and be kinder to the planet.
“Through our partnership with Cogo, we aim to help educate our colleagues and customers so they can understand their carbon footprint. We also want to learn as we increase our carbon emission reduction efforts. Cogo provides us with incredibly useful insights and data to inform the decisions and actions we need to take to build a sustainable future for all.”