New Data Partnership Aims To Reduce Carbon Emissions On UK Roads
Experian insights to help Handelsbanken encourage drivers to make more sustainable choices when it comes to car purchases
Data insights from Experian are helping local relationship bank, Handelsbanken, to reduce the number of high-carbon emission cars within their current lending portfolio.
By combining data sets from both organisations, including information on CO2 emissions, Experian’s data analytics will provide a deeper understanding of what percentage of vehicles within Handelsbanken’s asset finance portfolio are considered high or low in carbon emissions.
This information will help support the creation of new lending products that could incentivise new, and existing, borrowers to select low carbon emission or electric vehicles in the future. Regular checks will continue to be carried out using Experian’s solution to ensure that progress is being made against Handelsbanken’s sustainability goals.
New climate change commitments were set by the UK government this year, aiming to cut carbon emissions 78% by 2035. Success in achieving this goal will require more people to opt for electric and hybrid cars over petrol alternatives – as well as wider use of low-carbon heating, renewable electricity and a reduction in meat and dairy consumption.
Mark Broadley, Product Owner of Asset Finance at Handelsbanken, said: “We’ve always felt a strong sense of responsibility to our communities, which is why Handelsbanken has set an ambitious target of achieving net zero by 2040. As a bank, the greatest impact we can have is through what we finance and what we invest in. That’s why we need reliable data – in this case on our asset finance customers’ vehicle emissions – so that we can support them on their own low-carbon transition journeys.”
“By providing a far more comprehensive view of high carbon emission vehicles within their portfolio, we have provided the foundations for them to implement the right strategies, helping to get more drivers considering environmentally friendly alternatives when it comes to car purchases. We’re excited to be part of this journey and we are committed to working with our partners in using innovation to protect the planet.”
Note: Handelsbanken is looking to achieve net zero emissions of greenhouse gases by 2040. Experian aims to become carbon neutral in their own operations by 2030.
Source: Experian Press Release