In a bid to help users track their carbon footprint and encourage eco-conscious living, Singapore’s DBS Bank, has reportedly announced that it will launch a new carbon footprint calculator feature on its digital banking app.
According to reports, the feature would be rolled out on the app January of 2022. The tool will automatically generate the user’s carbon footprint profile and insights based on the transactions done through their credit and debit cards.
The feature will be available on the bank’s LiveBetter platform, a first-of-its-kind digital sustainability platform, where users can easily access resources, products, and services related to sustainability. Including, eco-friendly tips, ability to donate to local green causes, and investing in sustainability-themed funds.
The platform was launched on October 31st via the bank’s app and can be accessed by DBS/POSB customers in Singapore.
Users on the platform already have access to educational resources that teach about climate change and ways to mitigate it. However, now they can also make donations to causes such as the Mandai Nature Fund, The Food Bank Singapore, as well as to the World Wide Fund for Nature.
No fees are involved and the process takes less than five seconds to do things like transferring funds or filing for tax deductions, the bank has reportedly stated.
Users have the ability to invest in the BNP Paribas Global Environment and the Ninety One GSF Global Environment Fund via the platform as well.
Jeremy Soo, Head of Consumer Banking Group (Singapore) at DBS Bank, stated that by embedding LiveBetter into the banking app, DBS customers can access ways to live green with just a few taps.
Soo further added that in a recent DBS Consumer Sustainability Survey, which polled over 1000 Singapore residents aged 18 years and above, 73% showed willingness to change their lifestyle towards more sustainability, but only if it was convenient for them.
Additionally, 33% of those surveyed also claimed that they were facing difficulties when it came to finding the correct channels to learn more about sustainability.