Mastercard Unveils Tool For Banks To Help Consumers Calculate Carbon Footprint

https://thefintechtimes.com/mastercard-unveils-tool-for-banks-to-help-consumers-calculate-carbon-footprint/
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Mastercard has unveiled a carbon calculator for banks to show cardholders the carbon impact of their consumption and simple ways to contribute to reforestation. Over two in five Brits see reducing their carbon footprint as more important now than pre-Covid.

Global research across 24 countries on sustainability, commissioned by Mastercard, reveals a growing consumer passion for the environment as a result of the pandemic. Eighty-five per cent of people are willing to take personal action to combat environmental and sustainability issues in 2021.

Forty-four per cent of Brits see reducing their carbon footprint as more important now than pre-pandemic. While more than a third feel environmental issues have increased in importance.

As part of Mastercard’s Sustainability initiatives, it has developed the Mastercard Carbon Calculator with strategic partner Doconomy. The tool, integrated across Mastercard’s global network, enables access to insights and data about the carbon impact of consumer’s consumption and enables people to contribute to preserving the environment.

It 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 further enhanced with CO2 equivalents (such as trees), as well as tips about living more sustainably.

Priceless Planet Coalition

Consumers also have the option to contribute to the forest restoration projects of the Priceless Planet Coalition – either by donating or using loyalty rewards programmes by their banks. Banks can integrate the Carbon Calculator into their mobile apps through new APIs that are now available on Mastercard Developers.

Carbon Calculator Mastercard

Carbon Calculator Mastercard

Jorn Lambert, Mastercard chief digital officer, said: “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 in 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.”

Additionally, until 3 May Mastercard cardholders in the US can bid on a selection of curated experiences with all auction proceeds benefitting the Priceless Planet Coalition’s forest restoration projects.

https://thefintechtimes.com/mastercard-unveils-tool-for-banks-to-help-consumers-calculate-carbon-footprint/