The brand’s new feature enables issuers to provide consumers with data and knowledge about their spending and to offer ways to contribute to reforestation.
3 min read
Mastercard in collaboration with financial technology company Doconomy , developed a Mastercard Carbon Calculator . Which is integrated into the entire global network of the company.
It offers consumers access to information and data about the carbon impact that their purchases generate with the aim that they can contribute to the preservation of the environment.
“The Mastercard Carbon Calculator informs consumers about the carbon footprint of their purchases, so they can make more conscious spending decisions and contribute to forest restoration. By integrating sustainability into the very fabric of our business, we can unleash the power of our network, reaching billions of consumers and partners, to bring about positive change in the environment. All based on the creation of the Priceless Planet Coalition last year, which unites companies and consumers to reforest with 100 million trees ”, explained Jorn Lambert, digital director of Mastercard.
This tool allows users to receive a snapshot of the carbon emissions generated by their purchases in all categories of spending. The calculations are based on the independent verification Åland Index and can be enhanced with related and easy-to-understand equivalents (such as the number of trees needed to absorb the same amount of CO2), as well as tips for living more sustainably.
Consumers also have the ability to contribute to the Priceless Planet Coalition’s forest restoration projects – either through donations or by using bank rewards programs. Banks can easily integrate the Carbon Calculator into their mobile applications through the new APIs that are already available from Mastercard Developers .
Consumers are increasingly aware of their own actions and the actions of brands
New research on sustainability, commissioned by Mastercard, reveals a marked increase in consumer passion for the environment as a result of COVID-19 . More than half of those surveyed worldwide (54%) believe that reducing their carbon footprint is more important now than before the pandemic. This indicates a growing trend toward eco-conscious spending and consumption among people who want to turn their purchases and redemption of rewards into meaningful action for the planet.