Only good things can happen when two climate specialists help businesses become greener. Such is the case with environmental impact software maker ecolytiq and carbon credit marketplace specialist Cloverly. Both recently joined forces to make carbon credits in banking more accessible.
The purpose of their partnership is to enable financial institutions to offer verified carbon credits to companies and organizations worldwide in their pursuit of climate-friendly actions. Cloverly and ecolytiq plan to combine their technologies to provide an end-to-end solution to banks and other financial institutions.
Cloverly uses proprietary Sustainability-as-a-Service technology that connects buyers of carbon removals with high-quality projects around the world. Carbon credit buyers can select from a portfolio of projects that aligns with their company’s sustainability goals. They can also be matched in real-time with a carbon credit.
Ecolytiq’s software shows bank account or credit card customers how their transactions impact the environment.
Ecolytiq and Cloverly’s combined platform will help banks to become more engaged in climate action by providing more transparency in their commercial and business banking transactions. Carbon credits will be an add-on to ecolytic’s marketplace.
“Climate action is becoming increasingly important for businesses,” said David Lais, managing director and co-founder of ecolytiq. “It requires a diverse set of strategies. So, when consumers are educated, they become able to take real, individualized action that matters to them and to the planet.”
The ecolytiq software calculates the environmental impact of individual consumer purchases in real time. Banks, fintech, and other financial services firms will be able to show their business and other customers how their transactions impact the climate.
The account statement shows CO2 values of various spending categories and individual transactions. Companies can see the carbon impact of business trips. They can receive additional advice on how to make their travel more sustainable and reduce their footprint. This can help organizations track and control Scope 3 emissions, defined as those not produced by the company.
“With Cloverly, banks using the ecolytiq climate engagement suite will be able to offer their consumers and, more importantly, their business customers the opportunity to tackle the most stubborn parts of their footprints with high quality & traceable carbon credits,” said Lais.
Cloverly’s technology provides matches with carbon credit projects verified by reputable organizations and registries in the voluntary carbon credit markets across all six continents. The organizations include Verified Carbon Standard (VCS), Gold Standard, American Carbon Registry (ACR), and Plan Vivo.
Both systems can be integrated within financial institutions in a white-label solution or as a standalone web app.”Easing the ability of businesses to scale their climate action benefits, everyone,” shared Jason Rubottom, CEO of Cloverly. “Partnering with ecolytiq provides a solution that is easy for financial institutions to adopt. In an industry with increasing complexities, we are proud to continuously pursue ways to reduce the barrier to entry.”