Here’s what CBA is launching…
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The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch today.
This follows news that CBA is launching an Australian banking first.
What did CBA announce?
This morning CBA announced an Australian banking first by providing personalised carbon footprints for customers based on their spending data in a partnership with fintech start-up CoGo.
According to the release, the first phase of the partnership will allow a select group of its retail customers to view their carbon footprint via the CommBank app from today. It will then let these customers offset their previous month’s transactions by purchasing carbon credits.
This new feature will be available to all retail customers next year. In addition, the bank intends to eventually provide a breakdown of emissions at an individual transaction level and expand the partnership to select small business customers.
Commonwealth Bank’s Group Executive, Angus Sullivan, said: “By combining our rich customer data and CoGo’s industry-leading capability in measuring carbon outputs, we will be able to provide greater transparency for customers so that they can take actionable steps to reduce their environmental footprint.”
“Our data capability will provide greater personalisation for customers overtime, including more granular information about their carbon footprint with the option to offset individual transactions,” he added.
CoGo’s CEO and founder, Ben Gleisner, added: “Businesses and consumers are looking for greater transparency around their carbon footprint. As an impact-led fintech, CoGo aims to help banks harness the power of millions of customers worldwide to make a powerful collective difference.”
“We’re proud to be working with CBA on this Australian banking first which will not only empower Australian businesses and consumers to understand their carbon footprint, but take active steps towards doing something about that footprint as well,” he said.
CBA’s sustainable product suite grows
Today’s announcement is just the latest in a growing range of sustainable products and services offered by CBA.
Other active products include Australia’s first dedicated green home loan the CommBank Green Loan, its partnering with renewable energy retailer Amber, Australia’s first sustainability-linked loan for agriculture, and its property sustainability upgrade loans for commercial buildings.
Mr Sullivan concluded: “There are more opportunities for customers to take actionable steps to reduce and offset their emissions than ever before. From purchasing clean energy products via a 0.99 per cent Green Loan and accessing renewable energy at wholesale costs with Amber, to customers now being able to offset their monthly transactions via the CommBank app using CoGo’s technology.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.