The Cumberland Building Society is partnering Cogo to launch a carbon footprint app.

Following the integration, the building society is encouraging its 70,000 current account customers to download the app which will provide insights into how their spending affects the environment.

Cogo’s app uses an algorithm to calculate the carbon emissions resulting from each transaction of an account spanning investments, financial transactions, and day-to-day spending.

Each transaction is matched to a specific industry; be it fashion, insurance, or technology, the app then estimates the carbon footprint using secure Open Banking data. The app also takes into account companies’ product specifications – whether, for example, an energy supplier uses 100 per cent renewable electricity.

Nigel Taylor, head of marketing and brand at The Cumberland, said: “Through our partnership with Cogo, we aim to help educate our colleagues and customers so they can understand their carbon footprint.

“We are also keen to learn ourselves as we continue to scale up our own journey to reduce carbon emissions. Cogo provides us with incredibly useful insights and data to inform the decisions and actions we need to take to build a sustainable future for all.”

If all customers make use of the tool, there is the potential to save over nine million kgs CO2e per year - equivalent to flying 26.6 million miles – The Cumberland said.

Emma Kisby, chief executive UK & Europe at Cogo, commented: “Through the use of our powerful data-driven insights, The Cumberland’s thousands of customers will now be able to understand their own carbon footprint and learn more about how their everyday choices impact the planet.”

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