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Fintech & Ecommerce

Mastercard introduced carbon calculator tool for banks

Apr 14, 2021

Over half of customers surveyed across the world consider reducing their carbon footprint as more important now than pre-pandemic

Mastercard carbon calculator

Mastercard introduced carbon calculator tool for banks. Source: pexels.com

Mastercard has collaborated with Swedish fintech Doconomy to develop the Mastercard Carbon Calculator. This feature allows banks to adopt and customize for eco-conscious consumers who are looking for more ways to be informed about their spending.

Besides, it provides access to insights and data about carbon impact and enables people to easily 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
Jorn Lambert, Chief Digital Officer, Mastercard

The Carbon Calculator allows consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories.

The calculations are powered by the independently verified ?land Index and can be further enhanced with relatable and easy-to-understand equivalents (such as the number of trees required to absorb the same amount of CO2), and tips about living more sustainably.

Consumers also have the option to contribute to forest restoration projects of the Priceless Planet Coalition – whether by donating (using Mastercard Donate APIs) or using banks’ loyalty rewards programs.

We’ve reported that Deutsche Bank launched an app tracking customers’ carbon footprint.

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