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Editor’s Note: This article is a references a RealWire article about NatWest and Cogo’s partnership, with additional information added.
The climate crisis has become a significant concern among people worldwide, and many companies are trying to reduce carbon emissions in a bid to support the environment. One way to do this is to offer carbon footprints tracking features to customers. NatWest, a UK-based bank, teamed up with one of the world’s largest carbon footprint measurement and reduction platforms, Cogo, to create a carbon footprint management feature in their banking app.
After partnering in 2021, NatWest began rolling out the carbon footprint tracker in a pilot program, with full integration into the app available soon afterwards. The platform offers customers vital information about their carbon footprint, tips on how to reduce their carbon emissions, and nudges to encourage them to make sustainable decisions.
The Carbon Footprint Management Feature
When customers log into their NatWest banking app, they can see a display of their carbon footprint based on their spending habits. The feature uses behavioral science techniques to suggest changes that can help customers lower their carbon footprint. Customers can use the feature to track their carbon emissions over time and keep track of their progress. Additionally, they can see how they compare to other NatWest customers, which allows them to benchmark their performance.
According to the 2022 NatWest annual report, the number of active users accessing Cogo’s carbon impact data through their banking app increased by 10% within six months. Currently, there are 334,500 active users, up from 300,000 in just six months. The number continues to increase, showing that more people are keen to know more about their carbon footprint and take action to reduce it.
Benefits of the Feature
The carbon Footprint Management feature integrated into the NatWest banking app is a vast resource that customers can use to manage their carbon emissions, which is necessary for the environment. Still, it also has several other benefits, including:
Easy to use: The feature is easy to use and provides customers with vital information that they need to manage their carbon footprint.
Rewarding: As customers use the platform to track their carbon emissions, they can see their progress over time, giving them a sense of satisfaction.
Effective: The platform uses behavioral science techniques to encourage more sustainable choices, making it easier for customers to improve their environmental impact.
Partnership between NatWest and Cogo
Cogo, founded in 2016, has operations in 12 countries, including the UK, Japan, New Zealand, Australia, Singapore, and the Netherlands. The platform uses best-in-class models to measure carbon emissions specific to local markets and provides accurate data to individuals and businesses.
