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Estimating carbon footprints from large scale financial transaction data
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Trendl, Anna, Owen, A., Vomfell, Lara, Kilian, L., Gathergood, J., Stewart, Neil and Leake, D. (2023) Estimating carbon footprints from large scale financial transaction data. Journal of Industrial Ecology, 27 (1). pp. 56-70. doi:10.1111/jiec.13351 ISSN 1088-1980.
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Official URL: https://doi.org/10.1111/jiec.13351
Abstract
Financial transactions are increasingly used by consumer apps and financial service providers to estimate consumption-based carbon emissions. This approach promises a low-resource, ultra-fast, and highly scalable approach to measuring emissions at different levels of potential policy intervention—spanning the national, subnational, local, and individual level. Despite this potential, there is a lack of research exploring the validity of this approach to carbon profiling. Here we address this oversight in three ways. First, we provide a step-by-step description of our approach toward estimating carbon footprints from micro-level transaction data generated by more than 100,000 customers of a large retail bank in the United Kingdom. Second, we quantitatively compare emission estimates obtained from transaction data with those calculated from a more standard data source used in carbon profiling, the largest household expenditure survey in the United Kingdom. Third, we offer a detailed qualitative comparison of the advantages and disadvantages of transactions versus alternative data sources (such as survey data), across key dimensions including data availability, data quality, and data detail. We find that financial transactions offer a credible alternative to survey-based sources and, if made more widely accessible, could provide important advantages for profiling emissions. These include objective, micro-level data on consumption behaviors, larger sample sizes, and longitudinal, frequent data capture.
Item Type: | Journal Article | ||||||||||||||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor Q Science > QA Mathematics > QA76 Electronic computers. Computer science. Computer software Q Science > QC Physics T Technology > TS Manufactures |
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||||||||||||
Library of Congress Subject Headings (LCSH): | Big data , Atmospheric carbon dioxide , Greenhouse gas mitigation, Consumption (Economics) -- Environmental aspects , Cost and standard of living -- Environmental aspects , Industrial ecology | ||||||||||||||||||
Journal or Publication Title: | Journal of Industrial Ecology | ||||||||||||||||||
Publisher: | Wiley-Blackwell Publishing, Inc. | ||||||||||||||||||
ISSN: | 1088-1980 | ||||||||||||||||||
Official Date: | February 2023 | ||||||||||||||||||
Dates: |
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Volume: | 27 | ||||||||||||||||||
Number: | 1 | ||||||||||||||||||
Page Range: | pp. 56-70 | ||||||||||||||||||
DOI: | 10.1111/jiec.13351 | ||||||||||||||||||
Status: | Peer Reviewed | ||||||||||||||||||
Publication Status: | Published | ||||||||||||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||||||||||||
Copyright Holders: | © 2022 The Authors. Journal of Industrial Ecology published by Wiley Periodicals LLC on behalf of the International Society for Industrial Ecology. | ||||||||||||||||||
Date of first compliant deposit: | 26 September 2022 | ||||||||||||||||||
Date of first compliant Open Access: | 3 January 2023 | ||||||||||||||||||
RIOXX Funder/Project Grant: |
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