The new feature on Acorns Australia’s investment platform gives users the option of carbon offsetting via a monthly subscription that supports “verified carbon projects”, according to a statement.
Acorn users can choose to sign up to the monthly subscription, the cost of which is relative to the user’s estimated average monthly carbon footprint based on their spending activity.
“If a user’s average monthly carbon footprint is half a tonne, this will cost them $3 per month to offset – less than the cost of a cup of coffee,” the statement said.
The subscription costs go towards two programs, one of which protects Australian forests and another that reduces gas emissions in China.
The feature was introduced after a recent survey conducted by the firm revealed 86 per cent of its users “strongly believe” in the threat of climate change.
Acorns Australia chief executive George Lucas said the company has a “strong feedback-oriented culture” of listening to user feedback in order to further develop their offering.
“After seeing how passionate and committed our users were about sustainability, we wanted to find a way for the Acorns community to reduce their impact on the environment if they choose to,” Mr Lucas said.
“As a company, we have been offsetting our carbon footprint, and we are delighted to be launching this new feature which empowers users to do the same.”
CBL Markets managing director, Australia Ben Stuart added, “We love assisting leading sustainable operators such as Acorns Australia.
“[We] hope this initiative will encourage other businesses to consider how they can help their consumers to have a positive impact on a sustainable future.”
FSC loses two senior policy managers
AMP Capital appoints new CFO
BNY Mellon appoints head of distribution, APAC
What a blockchain-powered ASX should mean
Separating the signals from the noise
Could passive investing have structural issues?