Feature article from Australian FinTech: World-first cleantech app, Greener, partners with Basiq to drive net-zero emissions using financial data.
April 20, 2021
Trillions of dollars and entire economies are shifting towards net-zero emissions. Greener, recognised as the #1 cleantech startup by Climate-KIC, is using VC-backed open banking platform Basiq to fast track this shift with an app that rewards consumers for every dollar spent with a green business.
With changing consumer expectations and some of the world’s largest economies going carbon-neutral, there are a growing number of banks and fintechs launching carbon tracking apps. Right now, the majority of these apps are targeted towards the “deep green” consumer, a segment that only makes up 5% of the market.
To help more consumers move towards carbon-neutral consumption patterns, Greener has differentiated with an app that is easy and free for any Australian to use and automatically cleans up the emissions associated with their spending.
When new members sign up to Greener, they have the option to link their bank account with Basiq's bank-grade security for real-time visibility into where they shop. With this data, Greener works with some of the world’s leading climate scientists to calculate the environmental impact of an individual’s spending and show more sustainable alternatives for everything a user buys.
For every consumer that Greener brings to these businesses, a portion of that spend goes towards funding reforestation projects, which cleans up and stores the emissions equivalent to those created by each purchase.
Greener Co-Founder Tom Ferrier explains, “Our pilot has taught us that mainstream customers want the feel-good factor of being green, without paying for it. And green businesses want to attract these customers, at a lower cost. So we bring Greener businesses and customers together to repair the planet.”
Greener’s pilot has already demonstrated that the app can bring green businesses up to 21% of customers from their non-green competitors across various retail categories. This has attracted some of Australia’s largest brands for the initial launch, including Lush, Koala, MJ Bale, Aveda and Endota – the first of at least 50 retail partners to join the Greener ecosystem over the next two months.
Greener is preparing to launch later this year and has already bought on a number of high profile investors including Phil Vernon, former CEO of Australian Ethical and Beyond Zero Emissions, Kerry Series of Inspire Impact, Mark Venhoek, CEO of Suez Waste Management, and Sonder founder Chris Marr.