OFX
OFX, formerly known as OzForex, is a leading global money transfer service headquartered in Australia. Established in 2012, the company has expanded its operations across key regions, including North America, Europe, and Asia-Pacific, positioning itself as a significant player in the foreign exchange industry. Specialising in international money transfers, OFX offers competitive exchange rates and low fees, making it a preferred choice for individuals and businesses alike. Its unique platform provides users with a seamless experience, enabling them to send money across borders efficiently and securely. With a strong market presence and a commitment to customer satisfaction, OFX has achieved notable milestones, including a substantial increase in transaction volumes and a growing customer base. The company continues to innovate, ensuring it remains at the forefront of the evolving financial landscape.
DitchCarbon Score
How does OFX's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
OFX's score of 17 is lower than 88% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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OFX's reported carbon emissions
In 2023, OFX reported total carbon emissions of approximately 8,566,420 kg CO2e globally, with no emissions from Scope 1. The company’s Scope 2 emissions amounted to about 248,050 kg CO2e, while Scope 3 emissions were significantly higher at approximately 8,318,380 kg CO2e. In Australia, OFX's Scope 2 emissions were about 193,910 kg CO2e, and Scope 3 emissions reached approximately 6,167,020 kg CO2e. This indicates a substantial reliance on indirect emissions, which are typical in the financial services sector. Despite the detailed emissions reporting, OFX has not set specific reduction targets through the Science Based Targets initiative (SBTi) or other climate pledges. The absence of documented reduction initiatives suggests a need for enhanced climate commitments to align with industry standards and expectations. Overall, OFX's emissions profile highlights the importance of addressing Scope 3 emissions, which constitute the majority of their carbon footprint, while also indicating potential areas for improvement in their climate strategy.
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| 2023 | |
|---|---|
| Scope 1 | - |
| Scope 2 | 248,050 |
| Scope 3 | 8,318,380 |
Industry emissions intensity
Location emissions intensity
Reduction initiatives & disclosure networks
Companies disclose and commit to reducing emissions to show they are serious about reducing emissions impact over time. They can also help a company track its progress over time.
OFX is not participating in any of the initiatives that we track. This may change over time as the company engages with new initiatives or updates its commitments. DitchCarbon will update this information as it becomes available.
