Tide launches new carbon calculator to help SMEs reach Net Zero
- Carbon tracking tool will automatically calculate business activity
- Further tools, such as automated carbon accounting, will be added
- Tide pledged to help its members reduce emissions, as part of its longer-term Net Zero Plan
20 November 2024, London: Tide, the leading business financial platform in the UK, has launched an automated carbon calculator developed in partnership with carbon measurement pioneer Connect Earth. The new tool will allow Tide’s 650,000 UK members (customers) to view an estimated and categorised understanding of their carbon emissions.
The insights mark the first phase in Tide’s longer-term aim to support its UK members eventually get to net zero. Members will be able to see estimated emissions in real-time and measure any changes over time via Connect Earth’s carbon dashboard, Connect Insights. Members will be able to understand the potential impact of their spend on carbon emissions. The dashboard provides estimates of carbon-related data for overall carbon emissions, via category split, using Connect Earth’s models and databases.
In 2023, Tide made a pledge to make it simpler for its members to get to net zero, by developing support for them to reach carbon neutrality.
The partnership means that Tide and Connect Earth will also introduce tools such as automated carbon accounting for bank transactions, invoices, and accounting data. The goal is to offer further insights, recommendations, and strategies that help businesses reduce emissions while saving time and money.
Tide’s plans don’t stop in the UK. With more than 400,000 members in India and its expansion into Germany earlier in 2024, the platform is set to roll out carbon-related products globally. By 2030, Tide has targeted a further one million tonnes of durable carbon removal (CO2e) from the atmosphere by activating its powerful network of member businesses.
Gurjodhpal Singh, Tide India CEO and Head of Net Zero, said: “Around 99% of UK businesses are SMEs, and while many of them wish to cut emissions, two-thirds have admitted that financial barriers often stand in the way3. SMEs may have a smaller footprint individually, but they collectively contribute 43-53% of the UK’s business greenhouse gas emissions4. We’ve already seen huge engagement from our members and today’s launch is significant, not only for Tide and the fintech industry but more importantly for SMEs. It gives them the resources they need to measure, monitor, and manage their emissions — directly through their Tide accounts.”
Alexander Lempka, CEO and co-founder, Connect Earth said: “It’s fantastic to see Connect Earth’s solutions resonating with a growing number of SMEs eager to monitor, report, and reduce their carbon footprint. This is not only essential for our planet’s future but also empowers SMEs to stand out to customers looking for sustainable options, and to procurement teams that need this data to meet their own Scope 3 (upstream) reporting requirements. I’m excited to see the positive impact Connect Earth and Tide can achieve with this feature now in place. As more businesses adopt these practices, we’re building a powerful movement toward transparency and sustainability across entire supply chains.”
- Connect Insights: Tide members will not see this in the dashboard
- SAGE report: SMEs critical to cutting UK carbon emissions but overlooked in government’s net zero plans
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Notes to Editor:
For media enquiries, please contact tide@secnewgate.co.uk
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About Tide:
Founded in 2015 and launched in 2017, Tide is the leading business financial platform in the UK. Tide helps SMEs save time (and money) in the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable and connected administrative solutions from invoicing to accounting. Tide has 650,000 SME members in the UK (c. 11% market share) and 400,000 SMEs in India. Tide launched in Germany in May. Tide has also been recognised with the Great Place to Work certification two years in a row.
Tide has been funded by Anthemis, Apax Partners, Augmentum Fintech, Creandum, Salica Investments, Jigsaw, Latitude, LocalGlobe, SBI Group and Speedinvest, amongst others. It employs around 2,000 Tideans worldwide. Tide’s long-term ambition is to be the leading business financial platform globally.
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Connect Earth supports financial institutions in offering their retail and business customers carbon emission measurement solutions. Their products are designed to reduce regulatory risk, enhance customer engagement, and provide vital support on the journey towards decarbonisation.
The foundation of Connect Earth’s work lies in their APIs, which convert financial transaction ledgers into scalable, standardised carbon footprint calculations. Connect Earth does this using progressive data models and generative AI. This data can be used to provide insights into carbon hotspots, methods for reduction and be transformed into fully compliant carbon emission reports. To learn more about Connect Earth, visit: https://connect.earth/
