Mastercard has partnered with Swedish fintech firm Doconomy to create a carbon calculator that banks can seamlessly integrate into their applications, empowering customers with insights into the emissions tied to their spending habits.
For the past two years, Mastercard and Doconomy have collaborated on developing this carbon footprint tracking tool, which is now available for banks globally via new application programming interfaces (APIs). This initiative comes at a pivotal moment as the COVID-19 pandemic has motivated individuals worldwide to embrace more sustainable practices.
A recent survey commissioned by Mastercard, involving over 25,000 participants across 24 countries, revealed that 54% of respondents now prioritize reducing their carbon footprint, while 58% have become increasingly aware of their environmental impact. Notably, younger generations, particularly Gen Z and Millennials, are at the forefront of this shift, with 65% expressing heightened concern for the planet.
The carbon calculator utilizes data from the independently verified Åland Index and can be enhanced by banks with relatable metrics, such as the number of trees necessary to offset specific CO2 emissions, along with practical tips for sustainable living. Furthermore, customers have the opportunity to support forest restoration initiatives through the Priceless Planet Coalition, either by donating directly or using loyalty rewards programs offered by their banks.
Jorn Lambert, Chief Digital Officer at Mastercard, stated, “The Mastercard Carbon Calculator provides consumers with valuable insights into the carbon footprint of their purchases, enabling them to make more informed spending choices and contribute to forest restoration efforts. By integrating sustainability into our core operations, we can harness the power of our network to effect positive environmental change on a global scale.”