BBVA API Market
The analysis by the data-driven Yale researchers explores the impact of pollution on consumer spending, visualizing the team’s results in a series of interactive maps and case studies.
Entitled “Air Pollution Induced Micro-migrations: Impacts on Consumer Spending,” the project by John Brandt, Angel Hsu, Matt Moroney and Sophie Janaskie has been recognized as one of the projects that best connects climate change to other sustainable development goals.
“Air pollution affects 90 percent of the global pollution and causes 7 million premature deaths. While studies exist to quantify these health impacts and the public health costs of air pollution, little data exist to estimate short-term impacts on people’s daily activities and behavior – what I call ‘micro-migrations,’” said Dr. Hsu, speaking at Yale University.
The work crossed the data provided by the PayStats API with the atmospheric data of Earth Networks, and found an inverse correlation between pollution and consumer spending, after checking them with the time series on air pollution.
In total, the analysis carried out by the Yale team of researchers found that Spanish consumers spend €25 to €41 million less on days when ozone pollution is 10% worse than usual, and that spending falls by €20 to €30 million on days when particulate matter pollution is 10% worse than usual.
The UN Global Pulse initiative was developed over the first half of this year with the participation of BBVA Data & Analytics, which thanks to its own work with United Nations Guiding Principles (UNGP), contributed data from PayStats through BBVA API_Market. This initiative aims to foster original research and tools that demonstrate how data-led innovation can complement solutions on the ground and transform efforts to combat climate change with innovative solutions. This project focused on three areas of the Sustainable Development Goals: mitigation of climate change, adaptation to climate change and the links between climate change and the 2030 Agenda for Sustainable Development.
A total of six of the 97 projects presented in the semi-finals received awards. They developed proposals using datasets provided by 11 companies.
This project is a good example of how aggregate information on BBVA credit card and POS transactions provided by PayStats offers many possibilities and may be applied successfully to extract valuable conclusions in any sector.
If you are interested in this subject, you can find more information here: Using big data to fight climate change
Various case studies are used to show how open finance enables the financial inclusion of SMEs and the economic growth of developing regions.