Temenos calculates carbon emissions of its own cloud operations to help banks in their race for net zero
Temenos announced the availability of a carbon emissions calculator – one of the industry’s first – giving its customers deeper insight into carbon emissions data associated with their consumption of Temenos Banking Cloud services.
This approach has been introduced by Temenos to estimate its own cloud and SaaS operations’ carbon emissions. The calculator’s methodology has been independently verified by Grant Thornton, one of the world’s leading accounting and consultancy firms. The calculator leverages the data provided by Microsoft Cloud for Sustainability Emission Impact Dashboard services, to report carbon emissions metrics.
This new Environmental Social Governance (ESG) offering is provided to Temenos Banking Cloud customers as a tailored carbon impact assessment at no cost to help them gain carbon insights from using Temenos Banking services, allowing them to track progress towards reaching their sustainability targets and complying with growing climate-related regulation. The emissions calculator is embedded into the Temenos Banking Cloud client portal.
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Migrating from legacy IT systems to cloud-based services can significantly improve carbon emissions. Banks are facing new reporting requirements from industry bodies such as the International Sustainability Standards Board (ISSB), which require them to provide deeper levels of transparency into their carbon emissions. Temenos helps meet these requirements by delivering a complete set of data on cloud emissions for each client in addition to the data provided by Microsoft on their Azure consumption. This enables banks to quantify the carbon impact annually from their Temenos Banking Cloud subscription, as well as see estimated carbon savings from running their workloads in the cloud vs. on-premises datacenters.
Banks running on Temenos Banking Cloud enjoy benefits of over 90% in carbon emission savings compared to on premise IT infrastructures. Temenos Banking Cloud is powered by Azure and uses services like Azure Kubernetes Service, Azure Functions, Azure SQL and more.
As an example, Flowe, a cloud-enabled digital bank built on green principles and powered by Temenos is carbon neutral.
Ivan Mazzoleni, Chief Executive Officer, Flowe, said:
“We are proud that Flowe is the first digital bank in Italy to be certified as a B-Corp and is also Benefit and carbon-neutral. Flowe went live in a record time of just five months, and we onboarded 15,000 customers in our first week alone reaching more than 600,000 clients today. Supported by Temenos Banking Cloud on Microsoft Azure, we’ve been able to bring new products to market quickly and offer truly personalized experiences in line with our sustainable mission. With Temenos, Flowe can grow sustainably, passing on benefits to customers for a cleaner, greener planet and a better society.”
EQ Bank is carbon neutral in its operations and supported by the Temenos Banking Cloud it has achieved 93.5 to 97.1% reduction in emissions compared to having an on-premise infrastructure.
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Andrew Moor, Chief Executive Officer, at EQ Bank, said:
“Temenos and Microsoft have been model partners to EQ Bank. They share our focus on ESG issues and readily provide a detailed breakdown of their carbon footprint whenever we request it. Using the Temenos Banking Cloud, we understand and can further reduce our carbon footprint, as we aim to set the standard for responsible, low-carbon banking in Canada.”
Max Chuard, Chief Executive Officer, Temenos, said:
“Our mission is to help our clients with their digital transformation while providing them with the open cloud platform to transition to a low-carbon global economy. With this unique carbon emissions calculator, we are empowering our cloud customers to reduce the impact of their own operations and achieve their sustainability goals. We are transparent with our climate action commitments, determined to reduce our own environmental impact by setting science-based targets and improving the carbon efficiency of our products, while helping our clients transform into smart, sustainable organizations.”
Bill Borden, Corporate Vice President of Worldwide Financial Services, Microsoft, said:
“The world’s path to net zero depends on reliable and consistent measurement. This aspect is central to holding countries, industries and companies accountable for progress. We are pleased to be putting our combined strengths to work helping banks and financial institutions worldwide innovate faster using cloud capabilities to grow their business while meeting sustainability commitments.”
Temenos recently launched an ESG Investing-as-a-service helping banks and wealth managers meet the growing demand for sustainable investing. The company has embedded sustainability within its operations, value chain and product offering, with strong ESG governance, reporting and measurable targets. Temenos is also a part of a community of leading companies working with the Science Based Targets initiative (SBTi) to commit to science-based emissions reduction targets that are consistent with keeping global warming to 1.5 degrees Celsius. Temenos has cemented its leadership in the FTSE4Good and S&P Sustainability Indices and it has also been awarded an A- rating by the Carbon Disclosure Project (CDP). It has also obtained platinum recognition, placing Temenos among the top 1% performers assessed by EcoVadis.
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