Ulster Bank has launched a carbon tracking tool for small and medium-sized enterprises (SMEs).

The online tool which has been developed in partnership with fintech Cogo, will help businesses keep on top of their total carbon emissions. Businesses will be able to review their transactions, see their estimated carbon footprint and compare their carbon emissions month-on-month. The platform also suggests ways that SMEs can reduce carbon emissions and improve their green credentials.

Research from Ulster Bank’s parent, NatWest, found that with the right support the UK's six million SMEs can contribute to up to 50 per cent of the UK's Net Zero decarbonisation goals by 2030 worth an estimated £160 billion in revenue.

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Cormac McKervey, Head of Climate at Ulster Bank, said: "We know many SMEs are committed to switching to greener business practices, but many remain unsure about where to start on their sustainability journey.

"We understand that small businesses especially won’t have the time or resources needed to fully understand their environmental impact, so we hope the Carbon Planner feature will provide them with a quick and easy way to get a better handle on this important data.

"Data shows that when firms have a better grasp of the carbon impact of their business operations, they are in a stronger position commercially which, given the current inflationary pressures, is an attractive proposition for all businesses."

Teemore Engineering, a livestock housing company, and SD Bells, a clothing business, were among the first companies to trial Carbon Planner. The tracking tool helped the companies to make improve their operations.