Carbon Insight, the index underpinning Meniga’s innovative green banking solution, has been reviewed by EY; one of the “Big-4” accounting and professional services firms.
Following the limited assurance, EY has made a conclusion regarding the reliability, transparency and suitability of the methodology for estimating the carbon value of banking transactions.
With EY’s conclusion, Meniga can continue to bolster its offering of green banking products, enhancing the credibility of the Carbon Index and establishing it as a possible benchmark for carbon footprint measurement tools.
Meniga’s Carbon Index has become the first solution of its kind to receive such a review, underlining Meniga as the established provider of carbon footprinting solutions.
According to EY‘s Future Consumer Index, there is an increasing public appetite towards sustainability, and it’s up to companies to meet such a demand through the products and services they provide.
Financial services organisations are no exception to this – and many banks are recognising the unique opportunity and tangible business value that green banking solutions can bring in serving the needs of the rapidly growing segment of carbon-conscious consumers.
According to a recent survey by Meniga, 62% of European consumers want their bank to provide them with an overview of their carbon footprint.
Bragi Fjalldal, CMO and VP Business Development, comments: “EY’s assurance is a major milestone on our journey towards mass adoption of our Carbon Insight solution by banks across the world. We expect our solution to be live in 5-6 countries by the end of the year as more and more banks recognise the opportunity they have to take a firm position in the fight against climate change together with their customers.
“Third party review is key to establishing credibility for a solution of this complexity and this has been a clear expectation of the banks who have signed up to date. We are extremely proud to be the first solution of this kind to go through this independent assurance”
Thomas Holm Møller, Partner EY-Parthenon and Co-Lead EMEIA Digital, added: “Climate change is one of the greatest challenges of our lifetime, and at the same time the innovation opportunity of a generation. The involvement of consumers is critical in order to accelerate our journey to net-zero emissions. Banks find themselves in a unique position to empower a rapidly growing movement of carbon-conscious consumers by providing real-time access to carbon footprint data and insights. These types of advanced data analytics solutions need third party reviews to ensure quality and credibility to both banks and consumers“