Standard Chartered has partnered with Sweden’s Doconomy to introduce a digital tool designed to help customers track their carbon emissions and freshwater consumption linked to purchases made with the bank’s credit and debit cards.
The Doconomy application employs the Åland Index, a framework established in 2016, which facilitates the calculation of carbon footprints for financial transactions. Recently, it has expanded its capabilities to include freshwater impact assessments as well.
For each card transaction, the index computes the carbon and water footprints, reporting them in kilograms of CO2 equivalents and liters of water, respectively. This information is visually presented to clients through Standard Chartered’s mobile banking platform.
Doconomy has categorized 47 sectors, representing the primary areas where consumers make purchases, into broader lifestyle groups such as home, food, and transport. This classification allows clients to track their environmental impact monthly and for individual transactions, enabling them to make informed decisions to reduce both carbon emissions and water usage.
The bank plans to launch this service for its clients in Pakistan later this year.