Åland Index Solutions, a joint venture between Doconomy and Bank of Åland, enables banks, payment providers and financial institutions to offer all customers transaction based impact calculations.
“With Åland Index Solutions we can engage financial players in fighting climate change. This collaboration is a milestone in creating a global standard for measuring the impact of consumption and totally changing the way we consume through connecting spending patterns with climate impact,” says Nathalie Green, Co-founder & Head of Consumer Business DO på Doconomy.
Åland Index Solutions, a joint venture between Doconomy and Bank of Åland, enables banks, payment providers and financial institutions to offer all customers transaction based impact calculations. Åland Index is the global index solution for CO2 emission calculations that guide consumers in their everyday consumption towards more sustainable choices.
The original Åland Index was developed in 2016 and the team has ever since been working to help consumers become aware of their impact on the planet. Åland Index is continuously being updated and the 2.0 version, includes additional impact sources and more thorough analysis. The updated index has been in the making for a year and will be enhanced with more comprehensive impact data through a newly formed partnership with Trucost, a part of Standard & Poor Global, that assesses risks relating to climate change, natural resource constraints, and broader environmental, social, and governance factors.
The Åland Index Solutions will be headed by Helena Mueller, Co-founder of Doconomy. She headed the team that was part of creating the very first version of the Åland index at KPMG, back in 2016.
“There is a lack of effective tools for banks and financial institutions to engage and activate customers in positive change. This calls for innovative solutions and alliances, in close co-operation with leading players in the financial industry we can now offer every bank to engage with their customers, track their carbon footprint and to support them in acting on the insights day by day.”, Helena Mueller says.
Ålandsbanken, who initially launched the Åland Index three years ago, regards the Åland Index Solutions as a natural next step in making this innovative point of reference available with ease to the financial market.
“We are very proud to be a founding partner of Åland Index Solutions together with Doconomy. This institution protects the integrity of the user and the impact data as well the methodology which is at the center of the world’s most recognized impact calculator for daily transactions, helping everyone to understand their footprint and act on it to reduce emissions”, Peter Wiklöf, CEO Ålandsbanken states.
The Åland index Solutions offering is also recognized and welcomed by the United Nations Climate Change Secretariat since the data will be instrumental for global calculations on individual level to come.
“Consistent data and its analysis show the way. Through this collaboration, which facilitates global climate action at individual level, we can have a better understanding of our impact and find ways to contribute to the solutions, day by day”, says Niclas Svenningsen, Manager, Global Climate Action, UN Climate Change Secretariat.