Tide has unveiled a new automated carbon calculator to aid its UK business customers in tracking their emissions, reinforcing its commitment to net zero and sustainability.
Tide, a prominent financial platform catering to UK businesses, has announced the launch of an automated carbon calculator designed to assist its 650,000 UK customers in assessing their carbon impact. Developed in collaboration with carbon measurement firm Connect Earth, the new tool is part of Tide’s ongoing commitment to helping its members achieve net zero emissions.
The carbon calculator provides users with an estimated and categorised view of their carbon emissions, a feature aimed at demystifying the often complex realm of carbon accounting. The tool aligns with Tide’s pledge made in 2023 to facilitate pathways to carbon neutrality for its members. Companies will have access to real-time estimates of their emissions, subsequently enabling them to track changes over time through Connect Earth’s specialised dashboard, known as Connect Insights. This platform offers detailed insights into carbon-related data, including a breakdown of emissions by category, utilising Connect Earth’s established models and databases.
Gurjodhpal Singh, CEO and head of net zero at Tide India, highlighted the challenges faced by small and medium-sized enterprises (SMEs) in reducing emissions due to financial constraints. Singh remarked that while SMEs individually may contribute a minor footprint, collectively they are responsible for a substantial 43-53 per cent of the UK’s business greenhouse gas emissions. The new tool has garnered significant engagement from Tide’s members, with Singh asserting that the initiative equips businesses to effectively measure, monitor and manage their emissions directly through their Tide accounts.
In addition to the carbon calculator, the partnership between Tide and Connect Earth aims to introduce features such as automated carbon accounting for bank transactions, invoices, and various accounting data. These enhancements will provide businesses with additional insights, recommendations, and strategies to help them decrease their emissions while also optimising efficiency and reducing costs.
Alexander Lempka, CEO and co-founder of Connect Earth, expressed optimism regarding the initiative, noting that the uptake of their solutions among SMEs signifies a progressive move towards sustainability. Lempka stated that the increased monitoring and reporting capabilities empower businesses to distinguish themselves to customers prioritising sustainable practices, as well as assisting procurement teams in fulfilling their Scope 3 reporting obligations.
Tide’s ambitions extend beyond the UK. The platform currently has over 400,000 members in India and is planning to expand into Germany in early 2024. Tide has set an ambitious target of removing an additional million tonnes of carbon from the atmosphere by 2030 through the activation of its global network of member businesses.
This innovative leap into AI-assisted carbon management showcases how businesses are increasingly integrating technology into their sustainability practices to meet evolving consumer expectations and regulatory requirements. As the landscape of business practices continues to evolve, initiatives such as this are likely to play a critical role in shaping the future of corporate sustainability efforts.
Source: Noah Wire Services
- https://www.businesswire.com/news/home/20240603720093/en/Tide-partners-with-Connect-Earth-to-help-SMEs-reach-Net-Zero – Corroborates the partnership between Tide and Connect Earth to help SMEs reach Net Zero and the launch of the carbon dashboard, Connect Insights.
- https://www.businesswire.com/news/home/20240603720093/en/Tide-partners-with-Connect-Earth-to-help-SMEs-reach-Net-Zero – Details the features of the carbon calculator and the estimated and categorised view of carbon emissions it provides.
- https://www.bankersfornetzero.co.uk/2023/11/01/tide-our-journey-to-net-zero-and-looking-to-the-future-by-ian-sutherland-cfo-and-head-of-net-zero-at-tide/ – Supports Tide’s pledge made in 2023 to facilitate pathways to carbon neutrality for its members and their commitment to Net Zero.
- https://www.businesswire.com/news/home/20240603720093/en/Tide-partners-with-Connect-Earth-to-help-SMEs-reach-Net-Zero – Explains the role of Connect Earth’s specialised dashboard, Connect Insights, in providing real-time estimates and detailed insights into carbon-related data.
- https://www.businesswire.com/news/home/20240603720093/en/Tide-partners-with-Connect-Earth-to-help-SMEs-reach-Net-Zero – Highlights the challenges faced by SMEs in reducing emissions due to financial constraints and their significant contribution to the UK’s business greenhouse gas emissions.
- https://www.tide.co/blog/tide-update/tide-launches-new-carbon-calculator-to-help-smes-reach-net-zero/?srsltid=AfmBOooWS2wTWxs4lAGB3XflyCsXUbr4XHH9EGGGGctkVJjdBGJVojCF – Details the launch of the new carbon calculator and its integration into Tide accounts for measuring, monitoring, and managing emissions.
- https://www.businesswire.com/news/home/20240603720093/en/Tide-partners-with-Connect-Earth-to-help-SMEs-reach-Net-Zero – Describes the planned features such as automated carbon accounting for bank transactions, invoices, and various accounting data.
- https://connect.earth/case-study-tide-uk/ – Supports Alexander Lempka’s statement on the initiative’s impact on SMEs’ sustainability and reporting capabilities.
- https://ffnews.com/newsarticle/fintech/one-million-small-businesses-worldwide-now-on-tide/ – Provides information on Tide’s global expansion, including its presence in India and plans to expand into Germany.
- https://www.bankersfornetzero.co.uk/2023/11/01/tide-our-journey-to-net-zero-and-looking-to-the-future-by-ian-sutherland-cfo-and-head-of-net-zero-at-tide/ – Details Tide’s ambitious target of removing an additional million tonnes of carbon from the atmosphere by 2030.
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