This innovative pricing tool enables clients to apply a carbon fee to their travel expenses based on their chosen carbon accounting methodology, rather than a standard flat rate. Travelers can view these fees while booking trips, and they can also appear on invoices, providing greater transparency regarding their carbon footprint, Amex GBT stated.
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American ExpressAmerican Express Global Business Travel (Amex GBT) has launched a new carbon pricing option based on emissions, according to the travel management company.
This innovative pricing tool enables clients to apply a carbon fee to their travel expenses based on their chosen carbon accounting methodology, rather than a standard flat rate. Travelers can view these fees while booking trips, and they can also appear on invoices, providing greater transparency regarding their carbon footprint, Amex GBT stated.
Some Amex GBT clients already use carbon pricing to apply flat or dynamic fees. With the technology enhancements announced today, customers can now track the carbon emissions specific to their flights and funnel investment towards sustainability initiatives. A price on carbon can seamlessly create a self-sustaining fund for decarbonization projects such as sustainable aviation fuel (SAF), electric vehicles (EVs), research & development (R&D), and more.
How it works:
- Step 1: Pick a carbon calculation methodology.1
- Step 2: Put a price on carbon using the new emission-based fee, a flat or categorical fee.
- Step 3: Grow a fund for sustainability initiatives, e.g., SAF, EVs, R&D.
Why it matters:
- Carbon pricing can be an effective and efficient way to create a self-sustaining funding stream for sustainability initiatives.
- Aligning carbon pricing with the emissions specific to a traveler’s flights at point of sale can support employee engagement and incentivize more sustainable economic decisions.
“Carbon pricing is a well-established approach that helps businesses advance their sustainability goals,” said John Sturino, Amex GBT’s Senior Vice President of Product and Engineering. “Our advanced software allows customers to assign a value to carbon emissions and allocate funds toward lower-carbon solutions, enabling more informed decision-making and a proactive approach to managing their environmental impact.”
According to Amex GBT, the carbon fees can be directed toward a company’s sustainability fund, supporting initiatives such as research and development, sustainable aviation fuel (SAF), and electric vehicle investments. Pharmaceutical and healthcare company Sanofi is among the businesses utilizing this emissions-based pricing. Lucian Alexandru, Sanofi’s Global Procurement Category Head, highlighted that the approach allows them to integrate economic considerations, sustainability, and technology into their travel program while enhancing funding for decarbonization efforts, including SAF investments.
1]Companies must make their own decision about which methodology is most appropriate for their purposes in accordance with their internal policies and procedures and any applicable laws and regulations. Emissions calculations offered by Amex GBT include International Air Transport Association (IATA) CO2 Connect, International Civil Aviation Organization (ICAO), French Agence de l’Environement et de la Maitrise de l’Energie (ADEME), UK Department for Business, Energy, and Industrial Strategy (BEIS)/ Department of Energy Security and Net Zero (DESNZ) and US Environmental Protection Agency (EPA).
Source: AMEX
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