Mastercard and Swedish FinTech Doconomy have collaborated to develop a tool that lets consumers calculate the carbon footprint of their shopping habits, according to a press release.
The Mastercard Carbon Calculator is now part of the company’s global network and is customizable to suit the needs of banks’ eco-conscious clients, the release stated. New Mastercard research showed that sustainability is on the minds of people post-pandemic, with 54 percent indicating that preserving the environment is more important now than it was pre-COVID-19. The new data pointed to a growing eco-consciousness trend when it comes to spending and consumption.
The research also showed that 58 percent of consumers are more eco-conscious than ever before, with 65 percent of millennials and Generation Z leading the way, according to the release. Some 62 percent of respondents also said they thought corporations should step up their sustainability efforts.
“Companies, consumers and communities must work together to make the significant changes needed to effectively address climate change,” said Mastercard Chief Digital Officer Jorn Lambert in the release.
Lambert added that the Mastercard Carbon Calculator gives people the necessary data to make informed spending and shopping decisions. The calculator outlines the carbon emissions across spending categories, independently verified by the Åland Index. The information can also be further enhanced to communicate relatable details, such as the number of trees necessary to absorb the same amount of carbon dioxide, the release stated.
“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,” Lambert said in the release.
Consumers also can donate money or rewards to the Priceless Planet Coalition, which is dedicated to forest restoration, the release stated.
“By engaging a whole industry in enabling individual insights as well as collective action, Mastercard has redefined the role the financial industry can play every day in tackling the climate crisis,” said Doconomy CEO Mathias Wikström in the release.
Mastercard launched a program in July to improve its own carbon footprint, helping issuers in more than 12 countries offer cards that use degradable, ocean-safe plastic. The company said the card industry creates 6 billion cards annually that are still being made from traditional PVC plastics.
Earlier this month, the PYMNTS Global Shopping Index found that digital shopping has increased 60 percent since March 2020.