OLB launches "OLB Klimascore" for measurement of individual carbon footprint

Oldenburg | 12. Mai 2022

• Innovative feature now available to customers nationwide
• Cooperation with Swedish impact tech provider Doconomy

May 12, 2022 – Oldenburgische Landesbank AG (OLB) now enables its customers to determine their personal carbon (CO₂) footprint based on their Mastercard® transactions. They can use the "OLB Klimascore" (Climate Score) app to measure the actual impact of their consumption behavior on the climate. OLB developed the application together with the Swedish impact tech provider Doconomy. 

"We are the first bank in the German-speaking countries to work with Doconomy in this area. We offer our customers an easy way to get information about their individual carbon footprint via the app. We think transparency of the impact of one's consumption can lead to a better personal climate score," says Simon Petz, Head of Business Area Daily Banking at OLB.

Now that initial test users have confirmed the app's added value, OLB is launching a nationwide pilot phase. Initially, the bank is primarily targeting customers who are testing the app as pilot users in live operation in order to further improve "OLB Klimascore" with their experiences. The number of users is to be successively expanded. However, "OLB Klimascore" is already available to all customers as a free download from the Apple Store and the Google Play Store.

“We are happy to see the thorough work with the team at OLB now go live and help assist their clients in measuring their impact and reducing it too. The time has come and as stipulated in the latest report of the UN Intergovernmental Panel on Climate Change we all need to make impactful efforts”, says Mathias Wikström, CEO at Doconomy. 

The production of goods sometimes generates large amounts of CO₂. At push of a button, users of the "OLB Klimascore" learn how, for example, shopping at the supermarket, filling up the car or booking a vacation trip affects the environment. Purchases made via Mastercard® and the respective merchant category are converted into an individual carbon footprint. This is based on the independent Åland Index, which Doconomy provides to OLB. The data transfer takes place via PSD2 interface to the app and requires the user's consent.

Medium term, additional features will be added so that customers can offset their CO₂ emissions by investing in specific climate projects. Thus, OLB is adding another important component to its strategic framework for sustainability activities.

In Sweden, measuring carbon footprints is already widespread. Through Doconomy, users can calculate their own carbon footprint and offset their emissions directly by donating to certified international climate projects. All projects comply with the requirements of the Paris Climate Agreement and are strictly controlled by Doconomy and partners.

Further information on the "OLB Klimascore" is available on the OLB website: www.olb.de/klimascore