Credit Card Purchases: Canada’s Vancity to Offer a Way to Estimate CO2 Emissions that Come from Transactions

Vancity took another step recently in its commitment to climate action. It is reportedly one of the first financial institutions in Canada “to offer its members a way to estimate the CO2 emissions that come from their purchases.”

Every Vancity Visa credit cardholder “can track the estimated carbon emissions of their credit card purchases through the credit union’s new Carbon Counter™.”

Members can “see their monthly tally and compare it to the national average or determine which credit card purchases have the highest environmental cost.” The Carbon Counter will help Vancity cardholders better “understand their carbon footprint and provide helpful advice on how to reduce it.”

Jonathan Fowlie, Vancity’s Chief External Relations Officer who oversees the credit union’s impact and climate efforts, said:

“We really are proud to be the first to provide this credit card tool to help our members. We know Vancity members are looking for ways to reduce the impact they have on the environment, particularly when it comes to the emissions that cause climate change.”

Fowlie added:

“As a member-owned financial cooperative we believe it is our job to help, especially when it comes to the decisions people make with their money. Vancity is a values-driven member-owned cooperative where many of the members choose to bank because of the credit union’s record and ongoing work on the environment.”

The Carbon Counter “provides Visa credit cardholders with estimated carbon emissions on their purchases allowing people to connect their daily spending decisions to the change they want to see in the world.”

Making the connection between climate and money is “easier for Vancity members who now have the means to measure carbon emissions.”

Vancity partnered with ecolytiq, one of Europe’s leading climate engagement technology companies, “to provide the Visa Carbon Counter in Canada.”

ecolytiq partners with financial institutions “to provide a digital solution, combining climate awareness, education, and behavioral nudging, to inspire climate action.”

Ulrich Pietsch, ecolytiq Co-Founder and Managing Director, said:

“With the launch of Carbon Counter, Vancity is setting a new standard for green banking in Canada by giving customers exactly what they want, an opportunity for a better tomorrow.”

As noted in the update, Vancity is “a values-based financial co-operative serving the needs of its more than 560,000 member owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka’wakw people.”

With $34 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union.

Vancity uses its assets “to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.”

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