PredictX launches an Internal Carbon Pricing tool within its sustainability module to help companies measure and reduce their travel-related carbon emissions by attaching a monetary value to them.
PredictX, leading AI-driven business travel data intelligence specialist, has enhanced its sustainability analytics solutions with the launch of an Internal Carbon Pricing tool to help corporates achieve their carbon reduction targets, by providing insights into the financial impact of carbon emissions to their business.
The tool has been developed to meet demand from organisations who are looking to introduce carbon taxes or budgets to drive reduction strategies and stimulate changes in behaviour. By putting a monetary value on carbon emissions – usually a flat fee for every tonne of carbon generated by the travel programme – companies are aiming to encourage more sustainable travel choices, and raise awareness of the true cost of travel after funding offsetting initiatives.
The Internal Carbon Pricing tool enables users to define the carbon price themselves via an automated portal, where they can set the currency, amount and date range, which is mapped to travel activities, including air, hotel, and ground transportation. Alternatively PredictX can set the parameters on behalf of the user.
It has been integrated as an additional feature within PredictX’s existing Sustainability Module, which uses AI-powered measurement and industry-leading methodology to provide corporates with accurate and transparent carbon calculations and reliable segment data across all business travel activity.
The corporate’s entire travel data is populated accurately and completely within the Sustainability Module as the PredictX platform ingests data from over 200 travel and expense sources. This includes TMCs, expense systems, credit cards, OBTs, GDS systems, suppliers, HR systems and general ledger. Using market-differentiating AI and machine learning, this data is validated, cleansed and to generate a single consolidated data lake, giving corporates highly-automated and actionable insights to support better decision-making.
Keesup Choe, CEO, PredictX commented: “At PredictX, we understand the evolving landscape of corporate travel and the real need for organisations to reduce their carbon footprint to meet stringent carbon reduction targets. For many organisations, it’s become evident that calculating and offsetting carbon emissions from business travel is not enough to drive change. They are therefore starting to introduce internal carbon pricing strategies to accelerate progress towards meeting targets. However most companies are managing this process internally, which is time consuming. We saw an opportunity to support our customers by integrating carbon pricing within our overall sustainability analytics solutions enabling them to benchmark the true environmental and financial impact of their travel.”
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