As business consumers become more environmentally aware, many are looking to understand their carbon impact. Aiding in this mission, Tide, the UK business financial platform, has launched an automated carbon calculator developed in partnership with carbon measurement firm, Connect Earth.
Understanding carbon emissions can be difficult. The new tool will allow Tide’s 650,000 UK customers to get an estimated and categorised view of their impact. The launch of this new tool ties in with Tide’s goal of supporting its UK members to reach net zero. It also supports a pledge the company made in 2023 to make it simple for its members to get to net zero, by developing support for them to reach carbon neutrality.
Members will be able to see estimated emissions in real time and measure any changes over time via Connect Earth’s carbon dashboard, Connect Insights. The dashboard provides estimates of carbon-related data for overall carbon emissions, via category split, using Connect Earth’s models and databases.
Gurjodhpal Singh, CEO and head of net zero, Tide India said: “Around 99 per cent of UK businesses are SMEs, and while many of them wish to cut emissions, two-thirds have admitted that financial barriers often stand in the way. SMEs may have a smaller footprint individually, but they collectively contribute 43-53 per cent of the UK’s business greenhouse gas emissions.
“We’ve already seen huge engagement from our members and today’s launch is significant, not only for Tide and the fintech industry but more importantly for SMEs. It gives them the resources they need to measure, monitor, and manage their emissions — directly through their Tide accounts.”
Furthering insights, recommendations and strategies
The partnership means that Tide and Connect Earth will also introduce tools such as automated carbon accounting for bank transactions, invoices, and accounting data. The goal is to offer further insights, recommendations, and strategies that help businesses reduce emissions while saving time and money.
Alexander Lempka, CEO and co-founder, Connect Earth said: “It’s fantastic to see Connect Earth’s solutions resonating with a growing number of SMEs eager to monitor, report, and reduce their carbon footprint. This is not only essential for our planet’s future but also empowers SMEs to stand out to customers looking for sustainable options, and to procurement teams that need this data to meet their own Scope 3 (upstream) reporting requirements.
“I’m excited to see the positive impact Connect Earth and Tide can achieve with this feature now in place. As more businesses adopt these practices, we’re building a powerful movement toward transparency and sustainability across entire supply chains.”
Tide’s plans don’t stop in the UK. With more than 400,000 members in India and its expansion into Germany earlier in 2024, the platform is set to roll out carbon-related products globally. By 2030, Tide has targeted a further one million tonnes of durable carbon removal (CO2e) from the atmosphere by activating its powerful network of member businesses.
The post Tide Launches Carbon Calculator to Give Firms an Answer to “Put Simply, What’s My Carbon Impact?” appeared first on The Fintech Times.
