FinTech and Green & Ethical Finance - Shared screen with speaker view
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Good morning everyone - welcome and thanks for joining the session live! Please feel free to use the chat or the Q&A function to ask questions of our speakers throughout the event. We will host an interactive panel discussion after our presentations at around 11.40 - we hope you enjoy the event! :)
What are people's thoughts on carbon offsetting being seen as a way to justify continued carbon emissions vs playing an active role in the reduction of carbon emissions period? e.g. I pay X amount to offset my carbon, so I can continue to my current behaviours
I think that is likely a justification that will be commonly used but even that could be see as a step in the right direction, as at least they will be offsetting, even if they are not reducing?
In time you would hope they would start to adjust their behaviour to move towards reduction.
Would be provocative, but interesting for these apps to flag merchants who are ethically questionable and offer alternatives to consumers - e.g. “You spent 49.99 at Primark. Primark sources clothes from manufacturers which employ children to etc etc etc - have you considered etc etc etc…” - to put pressure on the manufacturers and merchants
Georgina Mitchell (WellHouse)
@Samuel Lee carbon offsetting will hopefully fade in time in favour of carbon sequestration, as global targets shift to net zero rather than carbon neutrality. But there simply aren't as many opportunities for individuals to get involved in sequestration and something is better than nothing.
100% better than doing nothing, I'd be intrigued to know if people think there's a danger we create a world where we care about offsetting/reducing OUR carbon, but in the grander scheme, where it's likely there will be parts of society who don't share that view, who won't take that action meaning we will be dependent on the part of society that does care, to care for more than their own impact?Pretty much getting to a place where we have people saying `I've offset my carbon, it's not my job to offset my neighbours', which while true, doesn't place the focus on the bigger picture
Hi Samuel - good point but I think people understanding their own impact is a good first step in engaging them in the scale of the issue. On offsetting - the task should be to minimise, reduce first and offset the rest.
It's great to see companies jump on the opportunity to encourage better behaviours in people who have shown some interest that hasn't required a lot of effort e.g. offsetting their carbon, to utilise that as an in to push larger behaviour changes e.g. switching energy tariff
the most significant carbon reduction will be forced through legislation and increasing prices of carbon intense business. COP26 will focus minds on stepping everything up another gear in Nov
Maybe useful - Ethical Market Report 2020 - https://www.ethicalconsumer.org/sites/default/files/inline-files/Ethical%20Consumer%20Markets%20Report%202020.pdf
Hey Matt 👋100% agree that its important to help people understand their impact. I'm looking forward to seeing how that can be taken to the next level in terms of how we move from individual impact to collective impact. Similar in nature to how Fintechs have approached getting new customers through golden tickets and such where they're banking on utilising new customers as ambassadors for their own network of friends/family etc.
Product level data would be cracking, if achievable.
Great pensions campaign - https://makemymoneymatter.co.uk/
Product level data would be really interesting to see
Product level is tricky from the card schemes themselves or even from acquirers, the fuel industry can do it (IFSF protocols include which fuel and fuel quantities). Integrating with supermarket loyalty schemes may provide basket content though if the supermarkets are willing to work with you
https://the2030hub.com - world's first UN-recognised Local2030 Hub (based in Liverpool!) - we help cities and businesses find their impact focus - also about to launch http://2030zero.com - a localised net-zero +SDG campaign + hopefully working with tickr :)
Andrew Jackson (Swishfund)
From 1 May, Swishfund will offset ten tones of carbon for every new customer. This is the equivalent of planting 60 trees per customer.We will achieve this through Carbon Footprint, by offsetting carbon with windfarms in India, and planting trees in the UK.We feel that it is just one of many initiatives that need to be undertaken to ensure that ESG considerations are part of every business decision and every business culture.
The recent unveiling of a carbon calculator tool from Mastercard from banks is great to see. Just like with everyday consumers, it seems like businesses also go through that bubble of not knowing what to do so having the structure and companies that sit behind them develop new tools as such, helps more businesses make that transitionhttps://www.mastercard.com/news/press/2021/april/mastercard-unveils-new-carbon-calculator-tool/
Yes - MasterCard is using Doconomy Aland to power that service, which can also be accessed directly
That's great to hear Andrew
Efficient and easy enablement to make positive changes, for both consumers and business, offers a great business opportunity in of itself
Will Smith (Tred)
Product level information for carbon footprints still isn't 100% accurate however it's much better. We're in discussions with 3rd parties to get this information. It sits outside of the cards schemes and financial information.
Agree - even physical POS devices could ask the question “do you want to offset this purchase” like today they ask if you want to add a tip - the suggested offset amount could be based on an assessment of the merchant’s own practices and policies
And doing it at the merchant gives them some “green credentials”, makes the basket available plus other impacts of the way the merchant operates
But puts the cardholder in control
Will Smith (Tred)
Love this idea, giving customers control is a huge piece of the puzzle! We're giving people that information independent of POS system and putting it at the forefront of peoples mind. It's not a 3rd party app, it's your debit card. See your bank statement and carbon footprint right next to each other
Yes Will - it’s brilliant, and I am going to sign up for Tred right after this :-)
Definitely agree with that and that cardholders want to have control. It's almost a case of presenting businesses with greener alternatives to existing processes/structures that minimize the "ump that they think they have to make
Will Smith (Tred)
We're aiming for exactly this. We eventually want to be able to influence businesses, if people see 'how good/bad' they are then it'll force them to change their practises!
Hi everyone, thanks for your support and engagement in today’s event, we’ve had some fantastic questions and some great contributions from our speakers. Our next event is Equality, Diversity and Bias in FinTech on the 28th May - https://www.fintechnorth.uk/event/equality-diversity-bias-in-fintech/ - you can check out all of our upcoming events on our website here - https://www.fintechnorth.uk/events/
I think that to get a wide impact, it would be excellent to pressure retailers into taking action. If a retailer POS offered the opportunity for a cardholder to add an offset amount we may see a social pressure to actually pay it. Or, other retailers could compete by paying it on behalf of the customer. Or things like a Tesco club card could be extended to become “club card green” where that variant of the card, Tesco pays the offset for you
B2B transactions and fleet vehicle use are also other areas where transaction driven offsetting / impact analysis present opportunities
Will Smith (Tred)
Definitely, there are also a few more opportunities to get business involved with our tech, more exciting news to follow!
Look forward to hearing it about it Will, will keep an eye on what you’re doing
Absolutely. Great point, until an effect is felt on a personal level, many will continue as normal.
Thanks all - got to run
Thanks folks. Great session.
Thanks all - really interesting discussion