Credit card giant Mastercard and fintech startup Doconomy announced on Tuesday they have extended their collaboration in order to combat climate change. The extension allows the ability for any Mastercard issuer to offer their cardholder the ability to track and understand their carbon footprint based on their purchases.
Speaking about the collaboration, Mark Barnett, divisional president for UK, Ireland, Nordic and Baltics at Mastercard, stated:
“Addressing climate change is bigger than any one company. This is an important next step to continue progress and move from promise to action. We’ve made commitments to manage our own impact through science-based targets and renewable energy. Now, we’re helping to accelerate the action our cardholders can take every day.”
The duo also reported that as part of the expanded relationship, Mastercard has made an equity investment in Doconomy to further scale the expansion of the carbon tracking and offsetting platform to additional markets. Nathalie Green, CEO of Doconomy, shared:
“We see this as a milestone moment in battling climate change. As the world comes together for the UN Climate Change Conference COP25, we’re putting even more power in the hands of people to have an impact on their – and the planet’s – future.”
Founded in 2018, Doconomy has reportedly received several awards for its solution as the Grand Prix in Cannes Lion and been named a partner to the United Nations Framework Convention on Climate Change (UNFCCC). Niclas Svenningsen, Manager of Global Climate Action at UN Climate Change Secretariat.
“We all have a responsibility to contribute to the solutions for the climate emergency we are experiencing. Time is running out. Many individuals are willing to do their part, but in many cases they find it difficult as they don’t know what else they can do. Through our collaboration with Doconomy, we hope to provide clear, effective channels to support these individual’s daily climate action.”