Working with CoGo

We’re currently running this as a pilot with a select group of retail and small business customers and are planning to roll this out to more customers over time. As a part of this pilot we are giving customers the option to access their carbon footprint via the CommBank app and offset their previous month’s transaction by purchasing the benefits of carbon credits.

What is carbon tracking and offsetting?

A carbon footprint is used to measure a person’s impact created on the environment by calculating greenhouse gases emitted from their activities. Carbon tracking is when these emission values are stored and reported on over time, and provides customers with insights on how their lifestyle may impact the environment over time. 

Carbon offsetting can be used to counteract your carbon footprint by purchasing the benefits of authorised Australian Carbon Credit Units (ACCUs). These units are issued by the Clean Energy Regulator for greenhouse gas abatement activities, and each ACCU represents 1 tonne of carbon dioxide. ACCUs are generated through environmental projects, e.g. the regeneration of Australian bushland, and are stored on the National Registry of Emission Units.  

How does CommBank calculate my carbon footprint?

Your carbon footprint is an estimate calculated by considering your spending and transaction behaviours, and profiling using select CommBank products.

CommBank does this by comparing your transactions against emissions factor data per industry type (ie fashion, grocery, etc.) provided to us monthly by CoGo. 

What’s next?

As our customers make changes, we will too.  Our goal is for our customers to be able to track their monthly carbon emissions more accurately and view a breakdown of their carbon footprint by category (e.g. transportation, food, fashion, energy, etc.) all within a simple experience in the CommBank app. Over time, this will also be expanded to our Business customers to support their own sustainability agendas.  

Things you need to know

Your carbon footprint is an estimate only and calculated using data provided by CoGo relating to industry averages of carbon emissions per dollar spent based on merchant types (Industry Data). Calculations are based on averages only and are not specific to each item purchased or by merchant.

Carbon footprints are calculated by comparing your transactions from selected CommBank accounts, e.g. Transaction accounts, Credit Cards and BPAY against the Industry Data. Purchases made by cash or via other platforms (e.g. Afterpay, PayPal), even if ultimately paid off through a CommBank product, will not be included in your carbon footprint calculations.

To offset your carbon footprint, you will be redirected to the CoGo website to make a payment. Your payment will be for the surrender of Australian Carbon Credit Units (ACCUs). You will be offered the ability to choose how much of your carbon footprint you would like to offset.

When offsetting your carbon footprint via CommBank and CoGo, ACCUs are not transferred to you, they are surrendered on your behalf. This means that the ACCU is removed from the national register and cannot be used by anyone else to offset a carbon footprint or be traded.  

CoGo is not a charity and payments made to CoGo do not inherit the tax-benefits associated to charity contributions.

CommBank does not receive a commission or any other income when you purchase the surrender of an ACCU. 

All carbon offset payments are between you and CoGo. CommBank is not a party to the transaction and cannot assist you with them.  If you have any questions or issues, please refer them directly to CoGo.

More information about ACCUs can be found on the Clean Energy Regulator’s website. 

More information (including terms of use) about our partner, CoGo, can be found on their website. 

For more information on how we handle your personal information, please visit our Privacy Policy at commbank.com.au/privacy