Ping An Insurance subsidiary Ping An Bank announced today the launch of Low Carbon Home, a personal carbon account platform to help consumers track and reduce the carbon impact of their personal spending. The Low Carbon Home solution was jointly developed by the bank, China UnionPay, and the Shanghai Environment and Energy Exchange.
Low Carbon Home gathers data on environmentally conscious, or “green” behaviors, and provides users with a calculation of emission reductions from activities such as using public transit, bicycle sharing, renewable energy-based electric vehicle charging, and using digital payment methods. The solution uses the methodology of the national carbon emission trading and carbon credit platform Shanghai Environmental and Energy Exchange (SEEE).
Account owners will be able to earn points for specified green behaviors, which can be redeemed for green assets, such as tree planting, through a new “green power” bonus point scheme. The categories for behaviors include green traveling, utility payments through digital channels, and digital daily spending.
Ping An Bank plans to integrate more green behaviors into the platform, and to add more redeemable green assets into the green power scheme, such as public transport vouchers.
In a press release announcing the platform, Ping An Bank stated:
“Carbon emission reductions can be used to show customers how they are helping to protect the environment through their low-carbon behaviors and motivate them to do more. Ping An’s Low Carbon Home advocates a green and low-carbon lifestyle, and is building the foundation for personal carbon trading in the future.”