Cogo will support the first City-Tech.Tokyo project to create a sustainable society in Japan

Global fintech carbon footprint management Cogo has announced that it will be attending the very first City-Tech.Tokyo innovation event, which will be held February 27-28 in Tokyo, Japan. Featuring 300 sustainable start-ups, the event is expected to bring together 10,000 attendees from 100 cities in 30 countries in a bid to “build a sustainable society” and “create opportunities for real collaboration” that the event’s executive committee, including the Tokyo Metropolitan the government, the Japan Business Federation (Keidanren) and the Tokyo Chamber of Commerce and Industry expect to “lead to a new urban vision based on diverse ideas and technologies.”

Cogo’s technology enables people and businesses around the world to measure, understand and reduce their carbon footprint through their everyday banking and accounting software. Cogo currently partners with twelve major banks around the world and plans to double that number over the next twelve months, and by the end of March, the company will have more than thirty million customers using its carbon footprint management features.

“We are excited to support the very first City-Tech.Tokyo event and share the planet-changing potential of our technology with the Japanese business community. It’s time to change the way our money works, and Cogo is proud to be making that change happen.” says Kaz Udagawa, head of Cogo Japan.

The startup’s involvement stems from its rapid expansion into Asia, including opening offices in Japan and partnering with Asian fintech innovators Moneythor and Moneytree. Cogo is also testing a carbon footprint calculator for some OCBC Bank (Singapore) clients.

How does Cogo work?

Cogo Personal and Business Carbon Manager solutions enrich transactional data such as electricity and fuel costs and assign carbon emissions to each transaction. Cogo can then calculate the carbon footprint for a person or business. In addition, clients can also access personalized advice on actions they can take to make simple positive changes to help reduce their carbon footprint. For businesses, a streamlined end-to-end solution also allows customers to share their successes, which can help them retain and attract customers, positively impacting the bottom line of the business.

Growing climate concerns and expectations

“Asian consumers are expressing growing concerns and expectations about the climate,” says Kaz. Kantar reported late last year that an astonishing 58% of Asian consumers believe that environmental issues affect them personally. Moreover, Kantar continues: “Consumers want brands to embrace this new mindset and sensibility and help them on their journey. They are looking for social and environmental goals. And the most active consumers influence others to start thinking the same way.”

In Hong Kong, 68% of people said they would like to take more action when it comes to sustainable consumption (Sustainable Consumption Report 2018 by the Hong Kong Consumer Council); while 85% of Singaporean consumers would like to access carbon footprint information in their banking app (DBS Consumer Sustainability Study 2021).

“As consumer attention shifts, we believe our technology will play a huge role in attracting and retaining customers in the coming months,” said Kaz.

Good for the planet; good for business

The decision is good for the planet; and beneficial to businesses, allowing banks and credit card issuers to harness the full potential of transactional data, allowing them to precisely segment customers who may be interested in green loans or banking products. This increases the sustainability of client portfolios; helps to comply with ever-tightening legal requirements, including possible disclosure of climate-related financial information; and has significant brand benefits as a leader in sustainability.

“We are in discussions with several major banks in Japan and understand that there is significant interest in integrating a carbon footprint into their day to day banking applications. Our message to banks and accounting platforms is very simple: “first movers” who enable their customers to make more informed spending decisions will gain some competitive advantage,” concludes Kaz.

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