Go green or go home: Sugi launches carbon offsetting feature
Users can now purchase carbon vouchers to offset the impact of their investments.
Nowadays we’re all more focused on how we can reduce our impact on the world around us and fintechs are stepping up to the plate to help us do so.
Green investment tracker Sugi is today launching a new feature to help customers offset the carbon impact of their investments.
The Moneyhub-powered portfolio checker allows retail investors to check the carbon impact of their investments and compare investments with industry benchmarks to help them build a greener portfolio and now lets them offset the impact too.
Often investing in exclusively ESG-friendly stocks and shares is not always possible, so Sugi’s new tool helps customers maintain a diversified portfolio while offsetting their carbon impact—for a small (undisclosed) fee, of course.
“We recognise that there are a number of valid reasons for investors to have holdings in higher carbon industries, which is why we’re enabling investors to rebalance their impact through our new offsetting feature,” Josh Gregory, CEO and founder of Sugi, said.
“Offsetting in any capacity doesn’t let companies off the hook. The pressure still remains on companies to decarbonise their operations and value chains. It does however give investors the option to take climate action now, should they wish to.”
To enable customers to offset their carbon impact, Sugi has teamed up with Ecosphere+ to offer verified carbon credits generated by forest conservation projects. Customers can track their investments and purchase more vouchers if necessary, all in the app.
“With the recent IPCC (Intergovernmental Panel on Climate Change) report exposing the true severity of the climate and biodiversity crisis, UK retail investors will increasingly be looking for ways to take immediate action on the journey to net-zero,” Lisa Walker, CEO of Ecosphere+, added.
“Sugi’s timely feature is therefore well placed to have an important impact on climate and nature, and we’re excited to be on this journey with them to capture new channels of finance for the carbon projects we represent.”
To allow customers to offset their carbon, Sugi will take a slice of what users pay to purchase the carbon offsetting vouchers.
Earlier this year, the fintech launched a new tool that allows users to check if their portfolios are aligned with the 2°C Paris Agreement target.