FNB Private Segment CEO Sizwe Nxedlana
Financial services firm FNB has launched nav» Earth on its application (app), which uses spending habits to estimate users' carbon emissions and allows them to offset unavoidable emissions.
The tool uses FNB’s data and analytics expertise, according to international best-practice carbon factor methodologies, to estimate a monthly carbon emissions score based on the user's transactional spend data.
The new feature is expected to help millions of customers improve their sustainable living by understanding the impact of their carbon emissions on the environment and to reduce their emissions.
nav» Earth also provides ways to seamlessly donate to carbon-offsetting causes using cash or eBucks for clients to improve their carbon emissions score, the bank says.
“By providing customers with the ability to monitor their carbon footprint and offering practical guidance on how to reduce it, we are empowering the average citizen to contribute to the global agenda to resist climate change,” comments FNB Private Segment CEO Sizwe Nxedlana.
The introduction of nav» Earth provides customers with actionable insights based on their activities and recommends easy ways to mitigate the adverse impact on the environment. Being available on the FNB App, which generates more than 1.2-billion logins a year, makes it easily accessible, he adds.
The tool provides a peer comparison model to help customers benchmark their carbon footprint against others. Further, nav» Earth provides education through a carbon coach on climate change impacts and actions people can take in a way that is relatable to clients.
“As a country that continues to experience natural disasters owing to an increasingly unpredictable climate, environmental sustainability needs to be at the top of everyone’s priorities. We believe that our efforts to provide relevant information and simple but effective ways to address areas of concern are key to driving positive change in society,” says FNB Personal and Private Segments sustainability lead Kival Singh.
Further, the introduction of nav» Earth is one of the initiatives that FNB has announced in recent months to improve the sustainability of its own operations while helping customers along the same journey.
FNB has announced plans to equip 100 of its branches with solar power and, earlier this year, it also launched nav» Energy to help customers access information about and access to alternative energy solutions.
The bank is also participating in the National Treasury's energy loan scheme, which will provide funding at low interest rates for consumers and businesses to install alternative energy solutions, such as solar, the bank adds.