HSBC UK has launched a new Carbon Insights tool in its award-winning mobile app, HSBC Kinetic , designed for small business owners.

This new feature enables HSBC Kinetic customers to view the estimated C0₂e values for their HSBC Kinetic Debit Card transactions on a user friendly dashboard in their HSBC Kinetic app.

Customers who opt-in to the Carbon Insights tool can access a summarised breakdown by expense categories. In addition, the tool provides helpful suggestions on how they might be able to manage their emissions.

Peter McIntyre, Head of Business Banking, HSBC UK, said: “Creating awareness and understanding of greenhouse gas emissions enables small business owners to take a first step in understanding the potential climate impact of the business expenses paid through their HSBC Kinetic Debit Card, which is why we have launched the Carbon Insights tool.”

This opt-in feature is available at no extra cost to customers who have a HSBC Kinetic Debit Card. Customers are asked few questions related to their business and this data, combined with the type of payments made with their HSBC Kinetic Debit Card, will give an estimate of the carbon emissions for transactions.

Customers will be able to see their annual C0₂e balance and compare this to their industry’s average. They’ll also be able to see a monthly view and a breakdown of their C0₂e estimates by expense categories such as business travel, administration, personnel, equipment and utilities.

This tool has been developed in partnership with ecolytiq a climate engagement fintech and Visa, HSBC’s card issuing partner.

David Lais, Co-Founder of ecolytiq, added: “Small-to-Medium Sized Businesses represent over 90% of all businesses worldwide, and therefore play a crucial role in driving sustainability. Yet, too often they don’t have the right guidance to do so. With HSBC UK, we are excited to bring a carbon insights solution for small business customers and support them in evaluating their impact and business purchasing decisions.”

Mandy Lamb, Head of UK&I, Visa, said: “Visa helps develop the next generation of seamless payment experiences, working with partners on solutions that then benefit thousands of UK businesses and millions of consumers. We’re delighted to have partnered with HSBC UK to unlock carbon insights for their small business customers, helping them manage their carbon emissions.”

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HSBC Kinetic works closely with customers to understand their requirements and expectations in order to add new features and enhance the functionality of the app.