Avarni, a first of its kind API platform that automatically calculates and offsets carbon emissions, has partnered with Basiq to leverage financial data in accelerating carbon neutrality.
Natural disasters, tightening climate policies and increasingly environmentally-conscious consumers mean that businesses urgently need to reduce their carbon footprint. Most of a business’s carbon emissions come from their suppliers, making carbon calculation difficult. CCEP, a bottling partner for Coca Cola, has estimated that 93% of their carbon output comes from indirect emissions.
Avarni’s powerful carbon calculation index takes into account both the direct and indirect emissions generated in a businesses entire value chain, whether it’s the distribution and transport of goods or employee commuting. By partnering with Basiq, Avarni can connect to customer-consented transaction data to measure and offset the associated carbon footprint of an individual’s everyday spending.
80% of users who have experienced the power of Avarni’s carbon insights now want their banking apps to help them estimate their carbon footprint.
Misha Cajic, Avarni’s Co-Founder and Chief of Product states, “Our purchasing habits affect the world around us far more than we realise. We can accurately estimate the carbon footprint of every single type of transaction, which allows us to provide banking customers with deep and meaningful insights into their individual impact on the environment.”
In a few lines of code, Avarni makes it possible for businesses to get the precise carbon footprint of individual transactions without having to build out a solution from scratch. The company is currently working on API tools for banks across Australia, so customers can see the carbon impact of their spending directly within their digital banking apps.
“The carbon tracking technology behind this is really a first of its kind in Australia and based on IP that we have developed with the support and consultation of Australia’s top sustainability researchers,” states Anuj Paudel – Co-Founder and CTO.
This includes the use of emissions data created by accredited government bodies and researchers, which is also used by multiple national and international government organisations for carbon calculations.
Tony Yammine, ex-KPMG Management Consultant, and Co-Founder & CEO of Avarni said, “Banks have access to financial data that puts them in a prime position to help consumers make more environmentally conscious purchasing decisions. This is a golden opportunity after the economic fallout of the coronavirus pandemic. As evident throughout Europe, this trend has skyrocketed.”
This demand is underpinned by a shift in thinking since the coronavirus pandemic, which appears to have accelerated the movement of carbon conscious consumers from the fringe to becoming a mainstream movement. Accenture found that 60% of consumers are making more eco- friendly, sustainable and ethical purchases since the start of the pandemic.