News and resources on ESG data and technology, Impact Investing and Sustainable Finance initiatives and best practices.

New feature on Santander website and app lets customers measure carbon footprint

Source: Banco Santander

Banco Santander is taking its sustainability strategy and pledge to support its customers’ transition to a low-carbon economy a step further.

A new feature on its website and app will enable retail customers in Spain to measure the carbon footprint of their direct debits and purchases with Santander cards.

This in-house developed service is a market first in Spain, thanks to its range of functions. It’s also available in Chile and will go live in Poland, Portugal and the UK in the coming months.

Few international banks are offering customers tools to measure their carbon footprint. Santander’s lets them also track their sustainability and is the only tool in Spain with carbon offsetting on the ClimateTrade platform and the Mastercard donation platform. The new tool is available on Santander's website and app.

Carbon offset

Customers’ can see their monthly carbon footprint in kg CO2-eq under categories like food, supermarkets and shopping, home, transport and automotive, leisure, health, education and services.

They can see eco-friendly tips for each category, plus important facts and FAQs, to know how to reduce their footprint, help fight climate change and be more active in the transition to a more sustainable economy. What’s more, customers will be able to offset their carbon footprint by voluntarily collaborating on projects to cut down or absorb emissions and earning “carbon credits” on the ClimateTrade platform. Thanks to the platform’s blockchain technology, all offsetting transactions are traceable, thus guaranteeing a real impact in the fight against climate change.

Santander customers can support Santander-reviewed initiatives on renewable energy, ecosystem conservation and reforestation (for which detailed information will be available) that follow international standards.

Carbon credits are internationally recognized permits aimed at reducing greenhouse gas (GHG) emissions. Each credit equals one tonne of CO2 that it will remove from the atmosphere. Considered an offsetting instrument under the UN Kyoto Protocol, they enable anyone to take climate action by supporting eco-friendly projects.

Santander has been measuring and reporting on its carbon footprint since 2011 as part of its support of the fight against climate change. It also became carbon neutral in its own operations in 2020. As a founder member of the Net Zero Banking Alliance, it pledges to reach net zero emissions by 2025 not just in financing, advisory and investment services but in all operations across its group, setting necessary targets and supporting customers in their transition to a low-carbon economy.

Comments: (0)