A new partnership between green banking fintech ecolytiq and climate metrics developer right. based on science is going to bring temperature alignment metrics to bank customers throughout Europe and North America.
With this new feature, consumers will be able to clearly understand how their purchasing and investing behaviors relate to the overall heating of the planet. ecolytiq will offer these calculations in conjunction with the CO2 footprinting technologies to inform consumers about the diverse environmental implications of how they use their money.
The proprietary methodology, developed by right. based on science, models on a personal level the degree of global warming that would occur, if every consumer adopted one’s spending behavior. This provides a concrete and direct connection between individual choices and climate change. The historic Paris Agreement set a goal to limit global warming to well below 2°C with the additional aim of staying under 1.5ºC. The recently released IPCC report furthermore highlights the necessity to keep global warming under 1.5ºC, to avoid the most truly catastrophic impacts of climate change.
“To empower banking customers with more comprehensive perspectives, we are excited to integrate right. based on science’s temperature alignment metrics. Preventing a rise above 1.5ºC is a very high priority - and the connection to our daily choices has never been clearer. This cutting-edge technology will only add to the robust sustainable banking & finance technologies offered by ecolytiq, thereby providing state-of-the-art transparency and inspiring climate action,” said CPO and co-founder David Lais.
ecolytiq equips banks with the digital infrastructure and tools they need to engage their customers in sustainability. The API product integrates seamlessly into existing digital banking apps to improve user experience, generate engagement, and encourage climate action. Our Sustainability-as-a-Service® solution analyzes payment transactions to build individualized climate impact calculations and nudge customers towards smart and sustainable spending choices.
Sebastian Müller, co-founder of right. based on science comments: “Making the transition to a future well below 2°C will require an unprecedented joint effort. Companies, capital markets, policy makers and civil society will need to work together towards this goal. Together with ecolytiq, we are providing consumers with the transparency they need to signal the demand for change and to support the transition with every transaction they make.”