BillionLives & FootprintLab foray into the Indian FinTech industry
By Gloria Mathias
BillionLives Business Initiatives has partnered with Australian cleanTech company FootprintLab to combine India’s FinTech capabilities and scale with Australia’s world-class clean tech expertise to help financial services achieve their Net Zero goals.
This partnership, brokered by Investment NSW and Austrade, puts FinTech at the forefront of climate action, using its data architecture and interface with society and the economy to create a seamless pipeline between consumers, producers, and the carbon offset market.
Business Initiatives have long been at the forefront of ESG (Environmental, Social, Governance) assisting companies worldwide in understanding and integrating ESG parameters seamlessly into their operations.
Two solutions are likely to be developed. ImpactGrows solution from BillionLives, enriched with carbon footprint data from FootprintLab will address the SEBI reporting requirements of BRSR and BRSR Core and help financial institutions calculate scope 3 financed emissions.
The GoZero technology platform will measure the carbon footprint of the goods and services behind transactions in multiple potential use cases: eCommerce, bank transactions, delivery apps and investments. Once the measurement is provided, users will be able to offset the carbon footprint through the offset market or other approaches including investment into an ESG fund.
Prashanth Joseph of BLBI said, “Financial institutions are keen to do more on ESG but need solutions that are tailored to their needs to ensure their efforts are both credible and fit within their business models. We have a long history in delivering on this and look forward to offering a new suite of solutions to meet the dynamic demand in this rapidly growing space.”
Tim Baynes of FootprintLab shared, “We have long used these high-quality data for scientific studies, government strategy and reports to the United Nations. Now we can bring the same credibility and insights to businesses and their customers to take assured climate action.”
Janet Salem of FootprintLab noted, “The Indian FinTech sector is ideally placed to take action on ESG, as they have data infrastructure that can easily integrate sustainability data and bring climate considerations to everyday purchase decisions.”
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