We Incorrectly Assume Living Sustainably Is Too Expensive

New data has found that 48% of people think that sustainable living is too expensive. However, data suggests that people are willing to make sustainable choices when shown both the environmental impact together with the financial savings. The findings are the result of an online study run by Kiwi-founded startup Cogo, the carbon footprint management experts. Although the survey was conducted in the UK, with 2,000 consumers taking part, it believes findings are relevant across the board, including in New Zealand where Cogo has Wellington offices and remote workers across the country.

The study looked at how carbon savings data can motivate people to take action:

Close to two thirds (64%) of people surveyed said that they would act when shown what their carbon saving could be.

In comparison, 55% said they would act when shown only what their financial savings could be

The findings suggest that consumers are more willing to make climate positive actions when shown carbon savings than financial savings, which is surprising given the current economic climate.

The research also found that just 16% of respondents knew where to get information on how to make climate conscious financial decisions.

After seeing the combined financial and carbon information, 71% of respondents said they would switch to a renewable energy supplier, 28% would install a heat pump and 33% would even switch to an electric vehicle.

“Make sustainable choices accessible”

Cogo’s CEO for APAC, Julie Lindenberg said, “Locally, inflation and interest rates are incredibly high and the cost of living dominates headlines week in and out. Food costs continue to rise, as do ongoing climate concerns. Bringing these two together, many actions that reduce carbon impact are cost saving too. This is great news as we know that now more than ever, many people are carefully considering the cost of their purchases.”

“People want to help fight the climate crisis, despite the cost-of-living crisis. Though some sustainable swaps are more expensive, some actions have the potential to save both cash and the planet. Critically, consumers need to be better informed on the climate impact of their spending decisions. Banks have vast insights into consumer spending habits, and therefore an opportunity to meet this consumer demand. It’s time to make sustainable choices accessible and clear for all, so we can each do our bit to live both sustainably and affordably.”

Cogo wanted to find out if and how people’s views on sustainability and affordability are changing due to the cost-of-living crisis. The goal was to see whether providing information on the carbon impact of everyday actions – such as running the washing machine on a cooler temperature – alongside the money it could save them, would encourage people to make choices that are better for the planet as well as their wallets.

APAC banks turn banking green

Cogo’s carbon footprint tracking features are available in NZ as follows.

Cogo currently works with 16 banks, with plans to double this in the next twelve months. Founded in 2016, Cogo now employs over 100 people, operates in 12 countries across Europe and Australasia (including the UK, Netherlands, New Zealand, Australia, Japan and Singapore).

For more information on how you can understand the impact of your carbon spending, helping to make decisions that save money and the planet, head to cogo.co.

About Cogo

Cogo is a carbon footprint management product that helps individuals and businesses to measure, understand and reduce their impact on the climate. Cogo does this through partnerships with some of the world's largest banks to integrate leading carbon-tracking functionality into their banking apps.

Cogo uses best-in-class models to provide accurate ways to measure carbon emissions specific to local markets and cutting-edge behavioural science techniques to nudge customers to make more sustainable choices.

Cogo currently works with 16 banks, with plans to double this in the next twelve months. Founded in 2016, Cogo now employs over 100 people, operates in 12 countries across Europe and Australasia (including the UK, Netherlands, New Zealand, Australia, Japan and Singapore).

Cogo has raised over US$12.5million in funding since launch.

To find out more information about Cogo, please visit cogo.co.

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