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OLB launches "OLB Klimascore" for individual measurement of carbon footprint
Oldenburgische Landesbank AG (OLB) now enables its customers to determine their personal carbon dioxide (CO₂) footprint based on their Mastercard transactions.
STOCKHOLM/OLDENBURG, May 12, 2022 — OLBs customers can use the “OLB Klimascore” (Climate Score) app to measure the concrete impact of their consumption behavior on the climate. OLB developed the application together with the Swedish impact tech provider Doconomy.
Now that initial test users have confirmed the app’s added value, OLB is launching a nationwide pilot phase. Initially, the bank is primarily targeting customers who will test the app as pilot users in live operation and help to further improve “OLB Klimascore” with their experiences. The user base is to be successively expanded. However, “OLB Klimascore” is already available to all customers as a free download from the Apple Store and the Google Play Store.
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“We are happy to see the thorough work with the team at OLB now go live and help assist their clients in measuring their impact and reducing it too. The time is now and as stipulated in the latest report of the UN Intergovernmental Panel on Climate Change we all need to make impactful efforts.”
Mathias Wikström, CEO and Co-Founder of Doconomy
"We are the first bank in the German-speaking world to work with Doconomy in this area. We offer our customers an easy way to get information about their individual carbon footprint via the app. We believe that only transparency about the impact of one's own consumption can lead to a better personal climate score."
Simon Petz, Head of Business Area Daily Banking at OLB.
The production of many goods sometimes generates large amounts of CO₂. At the touch of a button, users of the “OLB Klimascore” get an impression of what impact, for example, shopping at the supermarket, filling up the car, or booking a vacation trip has on the environment. The expenditures made by Mastercard for the purchase and the respective retailer category are converted into an individual carbon footprint. This is based on the independent land Index, which Doconomy provides to OLB. The data transfer takes place via PSD2 interface to the app and requires the user’s consent. In the medium term, the application is to be supplemented with additional functions that customers can use to offset their CO₂ emissions by investing in specific climate protection projects. OLB is thus adding another important component to its strategic framework for sustainability activities.