Mastercard, in conjunction with Doconomy, a Swedish based Fintech company, has developed a tool that allows consumers to calculate the carbon footprint of their shopping habits, according to a press release.
According to the release, Mastercard Carbon Calculator is now part of its global network and is customizable to suit banks' eco-conscious clients' needs.
Mastercard found out in recent research that sustainability is on the minds of people post-pandemic, with 54 per cent indicating that preserving the environment is more critical now than it was pre-COVID-19. The new data pointed to a growing eco-consciousness trend when it comes to spending and consumption.
"Companies, consumers and communities must work together to make the significant changes needed to effectively address climate change," Mastercard Chief Digital Officer Jorn Lambert in the release.
The Mastercard Carbon Calculator provides individuals with the necessary data to make informed spending and shopping decisions. The calculator outlines the carbon emissions across spending categories, independently verified by the Åland Index.
The information can also be further enhanced to communicate relatable details, such as the number of trees necessary to absorb the same amount of carbon dioxide, the release stated.
"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," Lambert said in the release.
Consumers also can donate money or rewards to the Priceless Planet Coalition, which is dedicated to forest restoration, the release stated.
"By engaging a whole industry in enabling individual insights as well as collective action, Mastercard has redefined the role the financial industry can play every day in tackling the climate crisis," said Doconomy CEO Mathias Wikström in the release.
Mastercard launched a program in July to improve its own carbon footprint, helping issuers in more than 12 countries offer cards that use degradable, ocean-safe plastic. The company said the card industry creates 6 billion cards annually that are still being made from traditional PVC plastics.
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