Mastercard and Doconomy, a Swedish fintech company, have partnered to create a platform that allows customers to calculate their shopping habits’ carbon footprint.
According to the press release, the Mastercard Carbon Calculator is now part of the company’s global network and can be customized to meet the needs of banks’ environmentally conscious customers. Sustainability is on people’s minds since the pandemic, according to new Mastercard polling, with 54 percent saying it is more critical now than it was before COVID-19. When it comes to expenditure and consumption, the latest data revealed a rising eco-consciousness trend.
According to the report, 58 percent of consumers are more environmentally aware than they have ever been, with 65 percent of millennials and Generation Z leading the way. Sixty-two percent of respondents thought businesses should do more to improve their sustainability efforts.
Mastercard Chief Digital Officer Jorn Lambert said, “Companies, consumers, and communities must work together to make the drastic changes needed to effectively address climate change.”
The Mastercard Carbon Calculator, according to Lambert, provides people with the information they need to make educated spending and shopping decisions. The calculator shows the carbon emissions associated with various spending types, as validated by the Land Index.
Lambert said in the release, “By embedding sustainability into the very fabric of our business, we will unleash the power of our network, which reaches billions of customers and partners, to create positive change for the environment.”
Mastercard has redefined the role the financial sector can play every day in addressing the climate crisis by involving the entire industry in allowing individual perspectives as well as collective action, according to Doconomy CEO Mathias Wikström.
Last year, Mastercard introduced a program to reduce its own carbon footprint, assisting issuers in over 12 countries in offering cards made of biodegradable and ocean-safe plastic.
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