Payhawk, the comprehensive solution for managing expense notes, company cards, invoices and payments, has announced its launch “Bayhawk Green”to help companies make more sustainable business spending decisions, is available to all customers at no additional cost.
With this launch, customers of the expense and payment solution will be able to do so Determine the quantity automatically Company2 Associated with purchases using Payhawk cards. Additionally, the platform can be customized to easily collect and manage environmental, social and governance (ESG) data from suppliers, thus improving supply chain transparency. Together, these features can be used to help companies comply with new regulations and support their environmental, social, and governance (ESG) initiatives.
Payhawk’s goal with this launch is to gain power It offers its customers the solutions they need to adapt to today’s business ecosystemas more and more companies want to be more sustainable and transparent about their carbon footprint and sustainability efforts.
For example, they will soon have to comply with stringent legislation such as the UK’s Simplified Energy and Carbon Reporting (SECR), as well as the EU’s Corporate Sustainability Reporting Directive. CSRD).
Furthermore, 2025 is marked on the calendar as the first fiscal year in which Companies with more than 250 employees A net turnover of €40 million will be required to submit emissions reports in accordance with the EU Directive (CSRD). It is estimated that more than 50,000 companies will have to report Scope 1, 2 and 3 emissions.
Scope 3 emissions, which are all indirect emissions that occur in the value chain, such as business travel, transportation, fuel, capital goods, etc., are the largest source of carbon emissions and also the most difficult for companies to measure and control. One way to calculate these emissions is the cost they generate. Therefore, expense management solutions, such as Payhawk, help control spending and increase the efficiency of financial operations.
“Through talking with our customers, and through our experience with ESG initiatives, we realized that our product puts us in a unique position to help companies with sustainability efforts associated with business spending, specifically around Scope 3 emissions management, Comments Hristo Borisov, CEO and Co-Founder of Payhawk. “We hope that the launch of Payhawk Green will help companies with their ESG initiatives, and that it will allow us to develop more features in the future to further support our customers,” he adds.
To measure carbon emissions associated with spending, Payhawk is integrated with Lune. The Lune platform uses GHG Protocol estimates, taking into account product category and value, and uses sector-specific methodologies, such as the International Civil Aviation Organization (ICAO) for flights or the Global Logistics Emissions Council (GLEC) for logistics, allowing you to maximize Of precision. Loon uses thousands of expenditure-based emissions factors, with global coverage and specific data for over 45 countries.
“Sustainability is a relatively new topic, so every company approaches it differently. But in light of new EU regulations, this is something all businesses need to take into account. With the launch of these new features, Payhawk is pioneering the way it can manage… Spend to support companies in the field of sustainability, through the preparation of integrated reports on carbon emissions. says Eric Studdy, co-founder of Loon.
In addition to supporting its customers with the launch of Payhawk Green, the company is also in the early stages of implementing an ESG policy, recording its carbon footprint since 2021, and applying for the Sustainability Seal.
“We recognize that we can become a more sustainable company and are trying to balance this goal with our growth ambitions. We will continue to work on our internal environmental, social and governance (ESG) initiatives and support our customers on their own journey. To do this, we will be close to our customers to collect their feedback on this version of Payhawk Green, and if there is demand, we will add more complementary functions to the platform. Hristo Borisov.
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