OLB launches "OLB Klimascore" for individual measurement of carbon footprint

•  Innovative feature now available to customers nationwide

• Cooperation with Swedish impact tech provider Doconomy

Oldenburgische Landesbank AG (OLB) now enables its customers to determine their personal carbon dioxide (CO2) footprint based on their Mastercard transactions. They can use the "OLB Klimascore" (Climate Score) app to measure the concrete impact of their consumption behavior on the climate. OLB developed the application together with the Swedish impact tech provider Doconomy.

"We are the first bank in the German-speaking world to work with Doconomy in this area. We offer our customers an easy way to get information about their individual carbon footprint via the app. We believe that only transparency about the impact of one's own consumption can lead to a better personal climate score," says Simon Petz, Head of Business Area Daily Banking at OLB.

Now that initial test users have confirmed the app's added value, OLB is launching a nationwide pilot phase. Initially, the bank is primarily targeting customers who will test the app as pilot users in live operation and help to further improve "OLB Klimascore" with their experiences. The user base is to be successively expanded. However, "OLB Klimascore" is already available to all customers as a free download from the Apple Store and the Google Play Store.

“We are happy to see the thorough work with the team at OLB now go live and help assist their clients in measuring their impact and reducing it too. The time is now and as stipulated in the latest report of the UN Intergovernmental Panel on Climate Change we all need to make impactful efforts”, says Mathias Wikström, CEO at Doconomy.

The production of many goods sometimes generates large amounts of CO2. At the touch of a button, users of the "OLB Klimascore" get an impression of what impact, for example, shopping at the supermarket, filling up the car, or booking a vacation trip has on the environment. The expenditures made by Mastercard for the purchase and the respective retailer category are converted into an individual carbon footprint. This is based on the independent Åland Index, which Doconomy provides to OLB. The data transfer takes place via PSD2 interface to the app and requires the user's consent.

In the medium term, the application is to be supplemented with additional functions that customers can use to offset their CO2 emissions by investing in specific climate protection projects. OLB is thus adding another important component to its strategic framework for sustainability activities.

In Sweden, the home of Doconomy, measuring the CO2 footprint is already widespread. There, users can use Doconomy to calculate their own carbon footprint and offset their emissions directly by making a voluntary donation to certified international climate protection projects. All projects comply with the requirements of the Paris Climate Agreement and are strictly controlled by Doconomy and partners.

Further information on the "OLB Klimascore" is available on the OLB homepage:

www.olb.de/klimascore

About OLB

Oldenburgische Landesbank AG (OLB) is a modern, customer-oriented bank anchored in northwestern Germany with strong regional and international expertise. OLB operates across two strategic business lines: Private & Business Costumers, and Corporates & Diversified Lending. OLB serves more than 600,000 customers and has ca. EUR 24 billion of total assets.