FRIDAY is one of the fastest growing digital insurers in Europe. With a pay-per-kilometre insurance product, FRIDAY ensures that customers who drive less also pay less; with FRIDAY +ECO, the company offers car insurance where customers can compensate for the kilometres driven.
Together with Planetly, FRIDAY has now analysed its total carbon emissions since the company was founded and offset them through high-quality climate action projects.
FRIDAY was founded in 2017 with the support of the Swiss Baloise Group by an experienced team of insurance experts and digital pioneers. Since then, FRIDAY has been improving the insurance experience with modern technology and digital innovation. For their car insurance, FRIDAY customers only pay for the kilometres they actually drive. More than that, they can compensate for carbon emissions and always enjoy a fully digital experience.
FRIDAY is convinced that insurance companies can play an important role in the fight against climate change – most importantly because they can actively influence customer behaviour through their products. Exactly for this reason FRIDAY is offering one of the first car insurance products where customers can offset their carbon emissions per kilometre driven with their car. In a joint project with Planetly, FRIDAY has analysed, reduced and compensated the carbon emissions of all of its business activities and plans to even more actively manage its future corporate carbon footprint.
FRIDAY’s footprint is the sum of all greenhouse gases emitted into the atmosphere by all company activities. In FRIDAY’s case, these emissions are mainly caused by office operations, employee commuting and business travel, as well as services and amenities used by the company.
Although FRIDAY does not have direct control over all emissions, the company’s carbon footprint takes into account not only direct and energy-related emissions (Greenhouse Gas Protocol Scope 1 and Scope 2), but also the emissions generated in the value chain by service providers and purchased products and services (GHG Protocol Scope 3), and offsets them overall.
Based on FRIDAY’s carbon footprint in 2019 of almost 1,000 tonnes CO2e, we have extrapolated the result for the number of employees to the two additional years since the company was founded and arrive at a rounded total value of 2,300 tonnes CO2e.
In order to reduce its carbon footprint in the long term, FRIDAY will promptly switch its own office operations to green electricity and consider further levers for carbon reduction.
In order to reduce the commuting of employees between home and office, FRIDAY has a generous home office policy that provides for temporary working from home. For the office route, FRIDAY also offers its employees a monthly pass for Berlin’s public transport system.
Everyone should take responsibility for their personal carbon footprint – including companies. This is why FRIDAY has decided to offset all its carbon emissions since the company was founded. Thus, FRIDAY takes a true pioneering role in climate action.
At the same time, FRIDAY is committed to the United Nations’ Sustainable Development Goals (SDGs) and has therefore selected offsetting projects with multiple social benefits for the project regions. With its compensation portfolio FRIDAY supports, among other things, the reduction of poverty through sustainable economic development, gender equality and the improvement of hygiene and health at the project location. FRIDAY’s carbon offset portfolio demonstrably supports SDGs 1, 3, 4, 5, 6, 7, 8, 12, 13, 15 and 17. Planetly is proud to provide FRIDAY with these high quality offset projects.
FRIDAY’s climate action portfolio focuses on two projects in Africa. In Kenya, efficient cooking stoves prevent the local rainforest from being cut down and used as fuel. In Rwanda, FRIDAY supports access to clean drinking water by building and maintaining wells. In addition to the climate action effect, both projects have far-reaching social co-benefits – from the improvement of local hygiene and health conditions to the promotion of greater equality between women and men, both projects ensure sustainable development.
As a third project, FRIDAY has selected a wind power project in India and thus makes its contribution to the green energy transition – a point that is also very close to FRIDAY’s heart as a technology start-up. All climate action projects supported by FRIDAY are Gold Standard certified and therefore meet the strictest quality requirements.