Mastercard, Doconomy To Enable Carbon Footprint Tracking Of Purchases

Doconomy and Mastercard are partnering to combat climate change by giving any Mastercard issuer the ability to enable their cardholders to monitor the carbon footprint of their purchases, as announced in a press release on Tuesday (Dec. 10).

“Today, the first bank in the U.S. and Nordea in the Nordics announced they will join The Bank of Åland in enabling clients to track and measure their CO2 impact through the Åland Index,” noted the release.

“Addressing climate change is bigger than any one company. This is an important next step to continue progress and move from promise to action,” said Mark Barnett, divisional president for UK, Ireland, Nordic and Baltics, Mastercard.

He added that the company manages its own climate impact using renewable energy and scientific targets. “Now, we’re helping to accelerate the action our cardholders can take every day,” he said.

Mastercard made an equity investment in Doconomy to further scale the carbon tracking platform and expand into more markets.

“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,” said Nathalie Green, CEO of Doconomy.

The cloud-based Åland Index is used by Doconomy to link transaction categories to environmental impact and provide an independent benchmark climate index. A new partnership with Trucost, part of S&P Global, will enhance the Index with data.

“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,” said Niclas Svenningsen, manager of global climate action for the UN Climate Change Secretariat. “Through our collaboration with Doconomy, we hope to provide clear, effective channels to support these individuals’ daily climate action.”

Founded in 2018, Doconomy was awarded several times for its solutions, and was named a partner to the United Nations Framework Convention on Climate Change (UNFCCC).

In February, Doconomy and Mastercard announced a joint collaboration to fight climate change by enabling DO, a free mobile banking service that enables users to reduce their CO2 footprints through carbon offsetting.