Welow's historical API helps banks & fintechs to estimate carbon emissions based on their clients' monetary transactions.
Welow first connects its API to the consumer's bank. The API then identifies each expense and matches it to existing categories with standard emission factors. A first estimate of carbon emissions is made based on historical data collected by Greenly over 4 years from its 12 million consumers. The consumer is then offered the possibility to add extra information about emission factors for each expense, to sharpen the carbon footprint estimate. Finally, carbon footprints estimates for each expense are added up to give consumers weekly and monthly based indicators.
An emission factor is a coefficient that enables conversion of activity data into emissions. It is the average emission rate of a given source, relative to the units of an activity or process. When you create an emission factor, you can select the unit from which you want to convert the data into the unit that you want to use to measure your emissions.
Emissions factors are usually expressed as the amount of emissions divided by a currency unit (for example kilograms of CO2 equivalent emitted per dollar spent on furniture). This emissions factor is then multiplied by the financial value of the good or service in order to calculate the emissions from that activity.
UK government conversion factors for company reporting of greenhouse gas emissions, the US EPA's GHG emission factors hub , the IPCC Emissions Factor Database, the European Environmental Agency database and the International Energy Agency database. Additionally, there are a variety of national emissions factors databases that can also be used.
Welow helps banks and fintechs to integrate environmental indicators into their app interface. Bank clients can therefore access graphs and dashboards to gain advanced insights on the carbon footprint of their expenses, and better priorize their efforts to reduce it. Depending on clients' specific demands, the interface, indicators and data displayed can vary.
BNP Paribas, Crédit Mutuel, Wise and Dreams have all trusted Welow to help them integrate environmental indicators into their banking app.