Santander (NYSE: SAN) claims to be the only company in Spain that “enables customers to purchase carbon credits on the ClimateTrade platform and Mastercard donation platform to offset their CO2 emissions.”
74% of its customers think sustainability “is of global importance, and 67% are calling for tools to help them join the fight against climate change.”
As noted in the announcement, Banco Santander is taking its sustainability strategy and pledge “to support its customers’ transition to a low-carbon economy a step further.”
A new feature on its website and app will “enable retail customers in Spain to measure the carbon footprint of their direct debits and purchases with Santander cards.”
This in-house developed service is a “market first” in Spain, “thanks to its range of functions.”
It’s also “available in Chile and will go live in Poland, Portugal and the UK in the coming months.”
Few international banks are “offering customers tools to measure their carbon footprint.”
Santander’s lets them also “track their sustainability and is the only tool in Spain with carbon offsetting on the ClimateTrade platform and the Mastercard donation platform.”
The new tool “is available on Santander’s website and app.”
Customers’ can “see their monthly carbon footprint in kg CO2-eq under categories like food, supermarkets and shopping, home, transport and automotive, leisure, health, education and services. ”
They can see eco-friendly tips for each category, “plus important facts and FAQs, to know how to reduce their footprint, help fight climate change and be more active in the transition to a more sustainable economy.”
What’s more, customers will be able “to offset their carbon footprint by voluntarily collaborating on projects to cut down or absorb emissions and earning “carbon credits” on the ClimateTrade platform.”
Thanks to the platform’s blockchain technology, “all offsetting transactions are traceable, thus guaranteeing a real impact in the fight against climate change.”
Santander customers can “support Santander-reviewed initiatives on renewable energy, ecosystem conservation and reforestation (for which detailed information will be available) that follow international standards.”
Carbon credits are internationally recognized permits “aimed at reducing greenhouse gas (GHG) emissions.”
Each credit “equals one tonne of CO2 that it will remove from the atmosphere.”
Considered an offsetting instrument under the UN Kyoto Protocol, they “enable anyone to take climate action by supporting eco-friendly projects.”
Santander has been “measuring and reporting on its carbon footprint since 2011 as part of its support of the fight against climate change.”
It also “became carbon neutral in its own operations in 2020.”
As a founder member of the Net Zero Banking Alliance, it pledges “to reach net zero emissions by 2025 not just in financing, advisory and investment services but in all operations across its group, setting necessary targets and supporting customers in their transition to a low-carbon economy.”
As noted in a release, ClimateTrade claims to be “the world’s first blockchain-based climate marketplace, connecting sustainable project developers directly with companies looking to offset their carbon footprint to bring transparency, traceability and efficiency to carbon offsetting while lowering transaction costs.”
ClimateTrade’s API and Widget “allow any company to offer carbon-neutral products and services from their own platform.”