Mastercard introduces Carbon Calculator for banks to be a positive force for the environment
By Pavithra R
Mastercard, in collaboration with Swedish fintech Doconomy, has unveiled Mastercard Carbon Calculator, for banks to adopt and customize for eco-conscious consumers who are looking for more ways to be informed about their spending and to contribute to reforestation.
The new feature provides access to insights and data about carbon impact and enables consumers to contribute to preserving the environment.
“Companies, consumers and communities must work together to make the significant changes needed to effectively address climate change. The Mastercard Carbon Calculator informs consumers about the carbon footprint of their purchases, so that they can make more mindful spending decisions and contribute to forest restoration. By embedding sustainability into the very fabric of our business, we can unlock the power of our network, reaching billions of consumers and partners, to create positive change for the environment. This builds on the creation last year of the Priceless Planet Coalition, which unites businesses and consumers to restore 100 million trees,” said Jorn Lambert, Chief Digital Officer, Mastercard.
The new Carbon Calculator enables consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories. The calculations are powered by the independently verified Åland Index and can be enhanced with relatable and easy-to-understand equivalents and tips about living more sustainably. Consumers also have the provision to contribute to forest restoration projects of the Priceless Planet Coalition by donating using Mastercard Donate APIs or using banks’ loyalty rewards programs. The feature can be easily integrated by banks into their mobile apps through new APIs that are available on Mastercard Developers.
“By engaging a whole industry in enabling individual insights as well as collective action, Mastercard has redefined the role the financial industry can play every day in tackling the climate crisis. When others are talking of the importance of ESG, Mastercard is putting it to work at the fingertips of the consumer,” said Mathias Wikström, Chief Executive Officer, Doconomy.
Besides Carbon Calculator, Mastercard also offers other environmentally focused products and services, such as cards made from sustainable materials to reduce plastic waste. The company has also pledged to reach net-zero emissions by 2050.
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