Payhawk, the global spend management platform, announces ‘Payhawk Green’, the new platform features to help companies make more sustainable decisions related to company spending.
The features are “available to all customers at no additional cost.”
Payhawk Green will help companies make more sustainable decisions related to company spending and Scope 3 emissions. Scope 3 refers “to indirect emissions that occur in the value chain, such as business travel, transportation, fuel, or capital goods.”
The features will help companies “comply with new UK and EU legislation (important for any companies with entities with the EU), and help them pursue internal sustainability initiatives, such as emission offsetting.”
Payhawk partners with Lune to “provide the emission calculations, with Payhawk customers now able to automatically quantify the CO2 associated with purchases on Payhawk cards at no additional cost.”
Increasingly companies want and are required “to become more sustainable and transparent about their carbon footprint and sustainability efforts.” For example, companies will soon need to comply with legislation “such as the UK’s Streamlined Energy and Carbon Reporting (SECR) and the EU’s Corporate Sustainability Reporting Directive (CSRD).”
In 2025, it will be the first financial year “for which reporting should be done under the CSDR for companies with more than 250 employees, and a €40m net turnover.”
It is estimated that “more than 50,000 companies will need to report Scope 1, 2 and 3 emissions, (including more than 3000 companies based in the USA).”
Scope 3 emissions – which are “all indirect emissions that occur in the value chain, such as business travel, transportation, fuel, or capital goods – are often the largest source of carbon emissions and also the most difficult to track for businesses due to being indirect and hard to govern.”
Many businesses now use spend management solutions, “such as Payhawk, to control spending and maximize the efficiency of their financial processes.” With the release of Payhawk Green, Payhawk customers can “automatically quantify the CO2 associated with purchases on Payhawk cards at no extra cost.” In addition, Payhawk’s platform can be customized to easily collect and manage Environmental Social and Corporate Governance (ESG) data “for suppliers, thereby improving supply chain transparency.”
Hristo Borisov, CEO and Co-Founder of Payhawk says:
“We hope that today’s release of Payhawk Green will help businesses with one component of their broader ESG initiative, and to develop more features in the future that further support our customers.”
