Green fintech, Cogo, calls for faster action against climate change as banks gather at Money2020

LONDON, UK, June 5, 2024 /EINPresswire.com/ — Green fintech, Cogo, calls for faster action against climate change as banks gather at Money2020

– 70% of customers want to see their bank taking action to reduce their environmental impact

– 75% of banking customers want to know more about the environmental impact of their spend

– 14+ NPS uplift for customers using Cogo’s carbon footprint feature

The rate of climate change since the mid-20th century is unprecedented. This rate of change is even more rapid recently, with the decade between 2011-2020 being the hottest on record. However, as many of the world’s largest banks meet at Money2020 in Europe this week, it is questionable whether banks are responding at the same necessary pace. Considering 30-50%* of corporate profits are at risk of external factors (i.e. carbon pricing) it is vital that banks respond with greater urgency.

Emma Kisby, CEO at green fintech, Cogo, comments: “Banks globally need to move faster to help create the systemic change that is required from both consumers and corporates. As central players in the economic system banks need to align their climate strategies with the urgency of climate change.”

There is a clear appetite from customers for banks to help tackle the climate crisis. 70% of customers want to see their bank take action to reduce their own environmental impact and 75% of banking customers want to know more about the environmental impact of how they spend their money**. Corporates are looking to their bank for climate support too, with increasing ESG regulation globally.

When banks do introduce climate related initiatives it has the potential to be commercially rewarding. Cogo has seen a 14+ NPS*** uplift for customers using its carbon footprint technology, which allows banking customers to measure, understand and in turn, reduce their carbon footprint. It is forecasted that this increase in NPS has a potential 2% increase in revenue for banks.

Kisby adds; “We’ve seen through the integration of our innovative carbon management technology into the banking experience, that banks have the ability to align purpose with profit. This is a win-win for people and the planet.”

Having launched its first banking partnership with NatWest in 2021, Cogo now works with 20 banks globally.

ENDS

Emma Kisby, Cogo CEO, is speaking on the Horizon Stage at Money2020 Amsterdam – 6th June 2024, 10.50-11,10 about unlocking success in sustainability: why banks partner with green fintechs

Please get in touch to set up a meeting / request an interview.

References:

*McKinsey Global Banking Annual Review, 2021

**Cogo and the Behavioural Insights Team research, 2022

The final reference is confidential Cogo client is an anonymised stat.

ABOUT US

Cogo delivers carbon management solutions that help individuals and businesses to measure, understand and reduce their impact on the climate. Cogo does this through partnerships with some of the world’s largest banks to integrate leading carbon-tracking functionality into their banking apps.

Cogo uses best-in-class models to provide accurate ways to measure carbon emissions specific to local markets and cutting-edge behavioural science techniques to nudge customers to make more sustainable choices.

Cogo currently works with 20 banks, with plans to double this in the next twelve months. Founded in 2016, Cogo, operates in 12 countries across Europe, Australasia and North America (including the UK, Netherlands, New Zealand, Australia, Japan, Singapore and Canada).

Cogo has raised over US$14 million in funding since launch. To find out more information about Cogo, please visit cogo.co.

Ania Krwawicz-Sheath
Cogo
+44 7887 851224
[email protected]