“ Fintechs can enhance transparency by ensuring data accuracy and offering real-time updates on carbon emissions associated with financial activities ”
LAIMONAS NOREIKA CEO AND CO-FOUNDER ,
HEAVYFINANCE
Noreika adds : “ The platform not only helps farmers access essential machinery but also promotes the adoption of more energy-efficient and environmentally friendly practices .
“ By financing sustainable machinery , HeavyFinance plays a crucial role in reducing carbon emissions in sectors such as agriculture , which traditionally has a significant environmental footprint , contributing to around 20 % of global carbon emissions .”
HeavyFinance is but one example of a fintech supporting institutions in their bid to reach net zero . As far as Round is concerned , core banking engines have the capabilities to “ equip financial institutions with the visibility needed to better assess net zero progress and drive real change , bringing together real-time data from disparate sources .”
But these companies can do more . “ Measurement should not stop at calculating and offsetting carbon footprints ”, adds Round , “ it should deliver a more nuanced understanding of impact linked to social aspects , such as inclusivity and jobs .
“ To create such detailed impact assessments will require a 360- degree view of business operations , which presents a problem if financial institutions are hampered by data silos .
“ With a core banking engine , FS firms can access data in a quick and costeffective way to support business decision-making and make rational choices to help achieve net zero .”
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