Cloverly‘s latest partnership with ecolytiq is to equip financial institutions with the ability to offer verified carbon credits.
US-based climate technology company Cloverly is partnering with the ecolytiq ‘sustainability-as-a-service’ solution to equip financial institutions with a way to measure and evaluate climate contributions.
Ecolytiq’s solution enables banks, fintech companies and financial service providers to show their customers the individual impact their purchasing behaviour is having on the environment in real-time.
With the partnership, Cloverly is to embed carbon credits into ecolytiq’s marketplace as an add-on for primarily commercial and business banking solutions.
Carbon credits represent a critical tool in the fight against climate change, providing companies with the ability to generate near-term impact while also addressing complex, systemic challenges in the long run.
As stated in the IPCC’s Mitigation of Climate Change report, published in April 2022, “The
deployment of carbon dioxide removal (CDR) to counterbalance hard-to-abate residual emissions is unavoidable if net zero CO2 or GHG emissions are to be achieved.”
As a reflection of the urgency to take action, carbon markets are expected to grow to $50billion by 2030, according to estimates by McKinsey.
In this way, the partnership seeks to help banks increase their participation in the carbon removal ecosystem by offering new digital-first products that make climate action both engaging and accessible.
High-quality credits provide an avenue for targeted action to handle hard-to-abate emissions while supporting the development of the vital climate technologies required for the climate transition.
Financing remains a critical driver of scalable action, and since the carbon market remains dynamic, operationalising participation helps organisations navigate quality and risk considerations. Opportunities to reduce friction in scaling participation are thus critical to achieving the necessary impact.
“Climate action is becoming increasingly important for businesses,” confirms David Lais, managing director and co-founder of ecolytiq. “It requires a diverse set of strategies. So, when consumers are educated, they become able to take real, individualised action that matters to them and to the planet.”
“With Cloverly,” continues Lais, “banks using the ecolytiq climate engagement suite will be able to offer their consumers and, more importantly, their business customers the opportunity to tackle the most stubborn parts of their footprints with high quality and traceable carbon credits.”
“Easing the ability of businesses to scale their climate action benefits everyone,” adds Jason Rubottom, CEO of Cloverly. “Partnering with ecolytiq provides a solution that is easy for financial institutions to adopt. In an industry with increasing complexities, we are proud to continuously pursue ways to reduce the barrier to entry.”