Mastercard announced on Monday it has joined forces with Swedish fintech Doconomy to develop the Mastercard Carbon Calculator, a feature specifically for banks to adapt and customize for eco-conscious consumers to monitor their spending habits.
“The Carbon Calculator 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 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.”
Jorn Lambert, Chief Digital Officer of Mastercard, spoke about the feature by stating:
“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.”
Mastercard went on to add that consumers using the feature will also have the option to contribute to the forest restoration projects of the Priceless Planet Coalition, whether by donating or using banks’ loyalty rewards programs. Banks can seamlessly integrate the Carbon Calculator into their mobile apps through new APIs that are now available on Mastercard Developers.