Banks can play a crucial role in advocating CO2-conscious lifestyles among consumers. CO2 emissions are derived from consumption, which is enabled by spending money, and money is handled by banks. Because the drastic impacts of climate change are already being seen, banks need to take responsibility and act to fight it.
Studies have estimated that 70% of CO2 emissions are driven by consumer behavior. Banks and financial institutions can be key enablers in fighting climate change because they see and process all our transactions. This provides them with a wealth of information about consumption patterns and preferences.
If banks can calculate customers’ carbon emissions based on transaction data, they can show them their individual carbon footprints. However, it is not enough to tell consumers how their lifestyle choices affect climate change; they must also advise them on how they can reduce their emissions, incorporating sustainability into personal finance management.
Now the commission fee for replenishing the electronic wallet “Elsom” is reduced to 1,7% in all payment terminals of the Bank and in the “Optima24” Internet Banking.
