Tide Launches Carbon Calculator to Help SMEs Reduce Emissions
Tide, a leading UK-based business financial platform, has released a carbon calculator, designed to help small and medium enterprises understand and reduce their carbon emissions. The tool, in collaboration with Connect Earth, which is specialized in carbon measurement, is designed to make measurement, monitoring, and effective management of carbon footprint easier for small and medium enterprises. Functionality and Features
The carbon calculator estimates and categorizes carbon emissions in relation to business activities. Using the “connect insights” feature, SMEs are able to track emissions in real time and understand the impact of spending on the environment. This helps businesses to identify exactly which areas need improvement.
Future releases of the tool will facilitate automated carbon accounting that analyzes emissions data coming from bank transactions, invoices, and accounting records. It will thereby help SMEs gain more profound knowledge about their ecological footprint as well as more efficient managing and handling mechanisms.
SME Contribution to Emissions
SMEs account for approximately 43-53% of business-related greenhouse gas emissions in the UK, while fiscal challenges stand as a significant barrier to such investment. Therefore, this carbon calculator would bridge the gap by providing a cost-effective measure for tracking and managing emissions.
To be extended, this carbon calculator for customers in other markets such as India and Germany, it is part of a larger goal set within the platform that helps businesses around the world migrate to more sustainable practices.
Role in Carbon Reduction
Tide has set itself an ambitious target to remove 1 million tonnes of carbon emissions by 2030. The carbon calculator is part of this approach, helping SMEs meet the requirements to contribute towards achieving this target while meeting increasing consumer and regulatory demands for sustainability in their commitment to full Scope 3 reporting.
As sustainability becomes a focus for businesses, many procurement teams now require Scope 3 (upstream) emissions data from their supply chains. The calculator equips SMEs with the tools to provide this information, improving their competitiveness in the market and aligning them with larger sustainability goals.
Empowering SMEs with Practical Tools
This calculator, by making it easy to calculate carbon measurement, allows SMEs to engage even further with climate action. The far-reaching impacts would not only extend to reducing emissions but also increase transparency and accountability along supply chains.
Source: Tide