(Hong Kong, Shanghai, 24 May 2022) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that its subsidiary Ping An Bank (SZ:000001) has launched a personal carbon account platform, Low Carbon Home. The Low Carbon Home account, jointly developed by Ping An Bank, China UnionPay and the Shanghai Environment and Energy Exchange, is the first carbon account in China to cover UnionPay credit cards and debit cards.
Measuring individuals’ green behaviors through spending
With a base of 110 million UnionPay users from Ping An Bank, Low Carbon Home collects data on environmentally conscious, or “green”, behaviors upon users’ authorization. The platform calculates users’ personal carbon emission reductions through the methodology of the Shanghai Environmental and Energy Exchange (SEEE). The calculations are based on six major low-carbon behaviors in daily life: traveling by bus, subway, high-speed rail or bicycle sharing, charging vehicles with renewable energy sources, and making utility payments through digital channels. Carbon emission reductions can be used to show customers how they are helping to protect the environment through their low-carbon behaviors and motivate them to do more. Ping An’s Low Carbon Home advocates a green and low-carbon lifestyle, and is building the foundation for personal carbon trading in the future.
SEEE is the platform for Shanghai's national carbon emissions trading pilot, the first of its kind in China. It is also a trading platform for the Chinese Certified Emission Reduction (CCER) scheme of voluntary carbon credits, registered by the National Development and Reform Commission. SEEE is also designated by the Ministry of Ecology and Environment as the construction and operation agency of the national carbon emission trading system.
Offering rewards to help the environment
Ping An Bank also launched a “green power” bonus point scheme for Low Carbon Home account owners. Account owners can earn points for 15 green behaviors, which they can redeem for green assets on the Low Carbon Home platform. The 15 green behaviors are divided into three categories: 1) green travelling, including travelling by public transport, high speed rail, bike sharing, or walking, and charging vehicles with new energy; 2) utility payments through digital channels, including online payment of public utility bills; and 3) digital daily spending, including QR code payment and virtual credit card applications. Currently, account owners can redeem their bonus points for a tree that will be planted in Hebei Province in Ping An Public Welfare Foundation project, A Tree to Safeguard Ecological Civilization.
Ping An Bank plans to integrate more resources and more green behaviors into the platform. It will also continue to enrich the green power bonus scheme with more redeemable green assets, such as Non-Fungible Tokens (NFTs), donations to animal rescue projects, and public transport vouchers.
Ping An supports China’s carbon neutrality targets and has been integrating sustainable development concepts into its operations. The Group is exploring new pathways to green finance through product innovation and construction of a national green finance system. The Group is also working alongside international sustainable development advocates to develop a sustainability business ecosystem. Ping An is the first Chinese asset owner to be a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI) and join Climate Action 100+. It was also the first mainland China company to sign the Principles for Sustainable Insurance (PSI) of the United Nations Environment Programme Financial Initiative (UNEP FI).