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Suncorp offers new bank account that tracks your carbon emissions
In a win for sustainable banking, Suncorp has revealed its new online transaction account that allows customers to view the estimated carbon emissions of their purchases.
Suncorp’s Carbon Insights Account calculates your carbon emissions by multiplying the amount spent via the Suncorp App, by the average carbon emissions produced by that industry.
A carbon footprint is the total amount of greenhouse gasses generated by an individual, event, organisation, service, place, or product.
This is good news for the environment, and the growth of eco-friendly fintech, as Suncorp research shows that 95% of Australians do not know they generate carbon emissions. The research also shows these Australians do not understand the impact of their carbon footprint.
Carbon Insights Account
- App banking
- Online banking
- Visa debit card
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
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Over 3,000 rediATMs
Suncorp bank CEO, Clive van Horen said: “…we have become the first Australian financial institution to be certified carbon neutral for both our operations and personal deposit transaction accounts.
“It means customers can bank with us knowing that we are not only carbon neutral as an organisation, but so are our personal deposit transaction accounts which include the Carbon Insights Account,” he said.
“This Australian first is an achievement we’re proud of, but it’s only one step towards our goal to support a more sustainable future,” Mr van Horen said.
Decarbonising your money
This new Suncorp account joins the growing number of banks and lenders in Australia offering sustainable finance options. While one person’s definition of sustainable finance may differ from another’s, it typically refers to choosing companies and financial products that:
- Are beneficial for the environment;
- Do not invest in sectors that are harmful to the environment and communities; and/or
- Do not support harmful entities by having them as customers.
In the Australian banking sector, two of the biggest names in ethical/sustainable finance are Bank Australia and Teachers Mutual Bank.
- Bank Australia is a customer-owned bank that not only has a B Corporation certificate and is part of the Global Alliance for Banking on Values, but also has its own responsible banking policy in place.
- Teachers Mutual Bank has been ranked as one of the world’s Most Ethical Companies, as it has a policy of not lending to the fossil fuel industry. Its loans and deposit accounts are classified as Certified Responsible Investments.
If you’re looking for ways to decarbonise your money, starting with your humble bank account could be a good entry point.
Otherwise, there are a range of areas involving your personal finances that you may be able to decarbonise. From your energy provider, to your superannuation fund, and even environmentally-friendly ETFs, the opportunities are endless to reduce your carbon footprint through your finances.
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Product database updated 27 Apr, 2024
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