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5th tool in Europe and 2nd in Spain certified by TÜV for carbon footprint calculation

In this article, I will discuss how understanding transactions allows us to determine the carbon footprint impact of a company or a user. We will also see how COCO {CO2} translates those banking transactions into Kg of CO2eq.

Table of Contents

Coinscrap Finance is a FinTech company with extensive experience in analyzing and extracting information from users’ banking transactions. Based on this analysis, we have conducted studies and generated scientific production around our AI and Machine Learning-based transaction categorizer, COCO. Now, we are taking a step further by certifying our emissions calculation tool.

Currently, we are engaged in a CDTI project focused on system improvement and the use of neural networks to obtain new indicators related to these calculations.

Óscar Barba

Co-founder & CTO of Coinscrap Finance

A brief introduction: what is the carbon footprint (CO2)?

The carbon footprint refers to the trace of greenhouse gasses (GHGs) left by human and industrial activities. This environmental indicator measures both direct and indirect emissions of compounds such as methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and especially the most abundant and most contributing to global warming since the 1990s: carbon dioxide (CO2).

Thus, the emissions caused by a company’s daily operations are classified as:

Direct GHG Emissions

From sources owned or controlled by the company, such as the use of its machinery.

Indirect GHG Emissions

Resulting from the company’s activities but generated through a third party, such as electricity consumption.

To facilitate the detection of these emissions, 3 scopes have been defined:

Scope 1

Direct GHG emissions. For example, emissions from combustion in boilers, furnaces, vehicles, etc.

Scope 2

Indirect GHG emissions associated with the generation of electricity acquired and consumed by the organization.

Scope 3

Other indirect emissions. For example, the extraction and production of materials purchased by the organization, business travel using external means, etc.

Objective carbon footprint calculation process

Research and publication by one of the most innovative global communities: IEEE

As mentioned in the introduction, we have been working on COCO {CO2} for years to become one of the first European companies to receive TÜV certification for carbon footprint calculation. 

If you are interested in learning about the steps that brought us here, I recommend you take a look at the scientific production developed by the Coinscrap Finance team and published by the Institute of Electrical and Electronics Engineers.

ebook CO2 EN

COCO {CO2}: An application that enables companies to comply with legislation

Our own AI engine, COCO, analyzes each banking transaction, categorizes it, and calculates the emissions generated based on its category. This is the scope of its analysis for the different ranges:

  • Scope 1: Emissions generated directly from the consumption of fuels and fluorinated gasses.

  • Scope 2: Emissions generated indirectly from energy consumption.

  • Scope 3: Emissions generated indirectly from the consumption of various goods and services. This scope is excluded from TÜV verification.

It is important to mention that all the data necessary for the calculation of Scope 1+2 emissions are obtained from official sources, given their importance and the obligation for companies, according to Law 7/2021 of May 20, on Climate Change and Energy Transition, to know their impact and start taking actions to reduce greenhouse gas emissions.

COCO, to issue the scope 1 calculation, takes into account:

  • The consumption of fossil fuels in fixed installations.

  • The consumption of fossil fuels in vehicles and machinery.

  • The transportation that the organization controls.

  • The operation of mobile machinery.

  • Fugitive emissions from air conditioning or refrigeration equipment.

  • Process emissions.

In the case of scope 2 calculation, COCO analyzes and categorizes:

  • Electrical consumption in buildings and vehicles.

  • The consumption of heat, steam, cold or compressed air.

Take a look at our project “Hyperpersonalised Financial Intelligence

We fulfill the mission for calculating the carbon footprint according to ISO 14064 and the GHG Protocol for organizations

On May 8 we received the TÜV Rheinland certification. In it, COCO, our CO2 emissions calculation tool, is verified and validated, with the certifier declaring after the inspection that we: “meet the calculation objective expected by the referenced standards.”

With this test of excellence now passed, we carry on so that our artificial intelligence engine continues to be one of the best on the market. Achieving one of the highest quality standards on the market is a great incentive!

Practical application of carbon footprint calculation to the financial industry

Banks, neobanks and FinTech are increasingly aware of the demands that their clients are making, who demand carbon footprint calculation and compensation modules on their digital platforms.


Whether because SMEs want to be more competitive, or because users are now more aware of the climate emergency, a real change is being seen towards a more sustainable society.

How can banks help their customers with CO2eq calculation?

Some of the use cases for our tool include the possibility for banks and neobanks to offer more advantageous lines of credit to those companies that are Net Zero, that is, cutting their greenhouse gas emissions until they are as close to zero as possible. 

Another practical application consists of having modules that allow customers to be offered products with which to offset their carbon footprint. This is the case of mortgages, deposits, bank accounts, pension funds, purchase of shares and green investment funds. All of them are capable of promoting projects committed to the environment.

In addition, banks can also offer this carbon footprint calculation certificate to their users, so that they can access more beneficial services and demonstrate their real involvement with the planet. Those companies that must comply with the aforementioned legislation would have a place here.

Innovation allows sustainable commitment to be available to everyone

In a survey conducted by Mambu, 73% of global consumers would choose a bank that puts purpose before profit, and 58% would even be willing to pay more for financial services that contribute to protecting the environment or supporting local communities.

To anticipate the needs of end users and hyper-personalize the offer of products and services, it is necessary to invest in R&D&I. At Coinscrap Finance we differentiate ourselves by adding a layer of technology to the carbon footprint calculation, thanks to the analysis of banking transactions and the use of AI.

About the Autor

Óscar Barba is co-founder and CTO of Coinscrap Finance. He is an expert Scrum Manager with more than 6 years of experience in the collection and semantic analysis of data in the financial sector, classification of bank transactions, deep learning applied to stock market sentiment analysis systems and the measurement of the carbon footprint associated with transactional data. 

With extensive experience in the banking and insurance sector, Óscar is finishing his PhD in Information Technology right now. He is an Engineer and Master in Computer Engineering from the University of Vigo and Master in Electronic Commerce from the University of Salamanca. In addition, Scrum Manager and Project Management Certificate from the CNTG, SOA Architecture and Web Services Certificate from the University of Salamanca. He recently obtained the ITIL Fundamentals certification, a recognition of good practices in IT service management.

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