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Mastercard unveils carbon calculator for banks globally

13 aprilie 2021

Mastercard has teamed up with Swedish fintech Doconomy to develop a carbon calculator that banks can integrate into their apps to give customers a snapshot of the emissions generated by their purchases across spending categories, according to a press release.

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. 

Consumers also have the option to contribute to forest restoration projects of the Priceless Planet Coalition – whether by donating (using Mastercard Donate APIs) 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.

New research on sustainability, commissioned by Mastercard, reveals a marked increase in consumer passion for the environment as a result of COVID-19.

Over half of those surveyed globally (54%) see reducing their carbon footprint as more important now than pre-pandemic, and almost three in five (58%) have become more conscious about how their actions can impact the environment than ever before, with Gen Z and Millennials (65%) leading this trend.

However, as consumers become more aware of their own actions, more than three in five (62%) believe that companies should behave in more sustainable and eco-friendly ways since COVID-19, with Gen Z also leading this shift (65%).

This signals a growing trend toward eco-conscious spending and consumption among people who want to turn their purchases and rewards redemption into meaningful action for the planet.

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,” said Jorn Lambert, Chief Digital Officer, Mastercard. 

Recognizing the importance of social media in creating awareness and advocacy for the environment among consumers, starting April 15, Mastercard will launch a campaign on TikTok and Instagram in the U.S., U.K., Germany and the Netherlands to encourage people to plant a tree for a friend to celebrate the planet. The company will match donations when people use their Mastercard.

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In addition to the Carbon Calculator, Mastercard offers other environmentally focused products and services, such as cards made from sustainable materials to reduce plastic waste. The company has also pledged to reach net zero emissions by 2050, building on existing commitments to reduce greenhouse gas emissions aligned with 1.5-degrees Celsius.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?