Danske Bank has entered into a partnership with software firm, EIVEE, who specialise in calculating a business’s carbon footprint.
With the partnership, Danske Bank aims to help its customers with their green transition and to support CO2-reducing initiatives with financing.
Many companies are currently working intensively to comply with the EU’s forthcoming sustainability requirements. The upcoming legislation namely affects not only large, listed companies but also their subcontractors, who will face increased sustainability data requirements from their customers.
Danske Bank has therefore entered a partnership with Danish software firm, EIVEE, who will help the bank’s business customers by making climate reporting easier.
“Our experience is that the increased requirements on sustainability reporting are putting substantial pressure on many of our customers. Obtaining an overview of a business’s overall carbon footprint is no easy task, which is why we have entered into a partnership with EIVEE, who can help our customers with both the collection and reporting of CO2 data,” explains Niels-Bang Hansen, Danske Bank’s Head of Business Customers in Danmark.
Obtaining an overview of a business’s overall carbon footprint is no easy task, which is why we have entered into a partnership with EIVEE, who can help our customers with both the collection and reporting of CO2 data.
Niels-Bang Hansen
Head of Business Customers in Denmark, Danske Bank
Detailed overview
EIVEE helps companies by providing an overview of Scope 1, 2 and 3 emissions. This is done by collecting, cleansing and categorising data from relevant data sources in the business that is then used to make very precise calculations all the way down to product level.
A business’s carbon accounts are often calculated in accordance with the Greenhouse Gas (GHG) protocol, which covers the business’s entire value chain and breaks down emissions into Scope 1, 2 and 3:
Scope 1 emissions stem from the business’s own controlled activities (e.g. fuel for vehicles and machines)
Scope 2 emissions are indirect emissions that stem from the business’s energy consumption (e.g. electricity, gas and heat)
Scope 3 emissions are all other indirect emissions that stem from the value chain (e.g. purchases from suppliers, business trips, transportation and investments).
EIVEEs platform can thus provide businesses with an overview of where their CO2 emissions stem from, and also where businesses can reduce their footprint - knowledge that can be used to implement specific initiatives.
“Our platform provides full transparency on all data sources and calculations. That ensures a high degree of credibility and precision, which is the key when ESG data in the future is placed on an equal footing with a business’s financial figures. Businesses can therefore feel secure about sharing their carbon accounts from our platform with customers, investors, authorities and other important stakeholders,” explains Peter Schack, CEO, EIVEE.
Financing of CO2 reductions
As part of the partnership agreement, Danske Bank is offering its business customers EIVEE’s solution at favourable prices and terms. Furthermore, Danske Bank is ready to look into the financing of the CO2-reducing projects that EIVEE’s solution identifies.
“The work of helping our customers with their green transition plays a major role at Danske Bank. All our business advisors have recently completed an ESG training programme, so we are now ready to be a sparring partner and to help with financing when our customers want to take their next step in a more sustainable direction,” explains Niels Bang-Hansen.