UOB customers can soon track their carbon footprint via new digital tool

CLIMATE-CONSCIOUS consumers looking to track their carbon footprint will soon be able to do so using UOB's carbon insights tool that churns out personalised data based on one's spending and saving behaviour.

Embedded within its digital banking platform TMRW, the new feature calculates, tracks and benchmarks a customer's carbon footprint automatically, said the lender in a statement on Monday (Nov 8).

It is expected to be made available to a select group of UOB customers next year before a broader launch, first in Singapore.

A survey with 100 UOB customers in Singapore this year found significant interest by customers on being presented information that is easy to understand (88 per cent interested) and provides tips on how to offset their personal carbon emissions (85 per cent interested) within their banking app.

Unlike traditional carbon measurement solutions that often require lengthy and tedious manual inputting of data, the bank said its carbon insights feature will automatically calculate an estimate of a customer's overall carbon footprint based on their spending profile, broken down into spending categories and time period.

It will also use international benchmarks and locally adapted emission standards to provide a robust but localised footprint, and provide personalised carbon insights so that customers can understand how various aspects of their spending can positively impact the environment using simple and relatable examples.

Customers will also have access to knowledge and options, enabling them to build awareness of their carbon impact and encourage them to take positive actions towards adopting more sustainable lifestyles.

Upon launch, the carbon insights feature will complement UOB's existing suite of sustainable products for retail customers.

Its chief sustainability officer, Eric Lim, said: "We believe the confluence of technology and sustainability will continue to pave the way for innovative climate change solutions. There is clear demand from customers to help them take action against climate change, we hear them and are responding accordingly."