Finastra today announced that it has teamed up with EcoTree, a specialized forestry company focused on carbon removal and biodiversity preservation through tree planting and sustainable forestry management. The initiative provides Finastra customers the opportunity to remove the carbon footprint associated with both the running and implementation of technological solutions, an important step as banks and financial institutions move towards net-zero carbon emissions.
Finastra will also use the service to balance its own emissions, supporting its goal to become carbon neutral by 2030.
“Finastra has a strong ESG framework, a commitment to helping the financial services industry do better for the environment and a clear dedication to becoming carbon neutral itself. We are proud to work with them and their customers on this journey,” said Thomas Canguilhem, International CEO at EcoTree.
“This move will reduce the environmental impact of vital technological solutions and stands out from traditional offsetting programs as we focus on eliminating carbon from the atmosphere for good. It is encouraging to see companies taking accountability for their footprints and building partnerships that have the potential to help save our planet and humanity from the devastating impact of climate change.”
Customers of Finastra’s solutions opting for this service benefit from a simple green partnership which enables them to be allocated trees from Finastra’s Forest to remove any emissions associated with both the implementation and running of Finastra’s software. EcoTree’s unique approach provides a nature-based carbon removal program which, rather than avoiding emissions like many offsetting projects, results in a net carbon reduction through sequestering carbon from the atmosphere.
The business rationale of the model is tied up in the natural growth of a tree as a physical asset, which also creates a safe home for forest animals and captures carbon along the way.
“Our partnership with EcoTree means that our customers’ supply chain carbon footprint or “Scope 3” emissions with Finastra can be completely balanced,” said Jay Mukhey, Senior Director, ESG at Finastra. “This is an exciting and highly collaborative initiative to reduce the environmental impacts that the financial services sector as a whole contributes to climate change.
Given our large global customer base, removing the digital carbon footprint both for our customers and for our business through our 10-year commitment to EcoTree’s sustainable forestry management initiative is a significant step, as we move towards our own carbon neutral goal by 2030. We are delighted to announce this news around Earth Day, which this year is focused on investing in our planet – a fitting call to action that aligns so closely with the environmental value we endeavor to create through our ESG strategy and green partnerships.”
EcoTree’s methodology for calculating carbon capture and storage (sequestration) is verified by Bureau Veritas. Participating banks receive a certificate that proves a carbon removal contribution.