NatWest customers to be told carbon footprint of their spending in real-time
NatWest is to become the first major UK bank to tell its customers the carbon footprint of their spending.
In what it called a “UK banking first”, the banking group which has 16 million customers across all of its brands, will trial a new app which will tell its personal banking customers the emissions impact of their shopping choices.
Around 500 customers will take part in the initial trial and, if successful, the initiative could be rolled out to millions more.
The consumers will connect their bank account to the app and, using a system developed by tech firm CoGo, it will automatically calculate a real-time carbon footprint, based on the individual’s spending.
NatWest said it will update with every spend showing the climate impact of everything “from morning coffee to lights out”.
They will also be given tips on how to reduce their carbon footprint, including lowering meat intake and switching to renewable energy providers.
Emma Kisby, managing director of CoGo, said she hoped the technology would help “nudge [consumers] towards actions and suggested businesses to help drive to a sustainable lifestyle”.
Georgina Bulkeley, chief operating officer of personal banking at Natwest, said: “We know our customers are as passionate about climate change as we are – but it’s really hard to change what you can’t measure.”
She added that the initiative would “ensure that our customers have access to the best tools so that they can make informed decisions about their spending and the impact that has on the environment”.
It is understood that where carbon emissions data is available for specific retailers the app will provide specific data and where it is not the information will be on a sector level.
Customers will receive occasional notifications and a personalised monthly email with a breakdown of their footprint, or they can track it in real-time using the app.
Participants in the trial will be sent a unique link to download the dedicated NatWest CoGo app.
If it is successful the technology could then be integrated into the bank’s main app.
Earlier this year Lloyds Bank introduced a similar service for its commercial banking customers.
However, Doug Parr, policy director at Greenpeace UK, suggested that the bank should focus on its own emissions.
He said: “Informing customers on how best to clean up their spending is all well and good, but maybe NatWest should start by looking at their own climate footprint, which will dwarf any changes that can be made by giving their customers lifestyle tips.”
The bank’s chief executive Alison Rose announced in February that the business has an “ambition” to address climate change, and it aims to make its own operations net carbon zero this year, and “climate positive” by 2025.
