Mastercard has teamed with sustainable card group Doconomy in a mission to combat the ever-growing threat of climate change.
The new alliance enables any Mastercard issuer to offer their cardholders the ability to track their carbon footprint based on purchases made.
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Mark Barnett, divisional president for UK, Ireland, Nordic and Baltics, Mastercard, said: “Addressing climate change is bigger than any one company. This is an important next step to continue progress and move from promise to action. We’ve made commitments to manage our own impact through science-based targets and renewable energy. Now, we’re helping to accelerate the action our cardholders can take every day.”
Doconomy was founded in 2018, offering the first credit card to measure CO2 emissions to lessen the financial sector’s global impact.
As part of its new partnership, Mastercard has made an equity investment in Doconomy to further scale the expansion of the carbon tracking and offsetting platform to additional markets.
Nathalie Green, Doconomy CEO, said: “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.”
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Doconomy uses the Åland Index, a cloud-based software service, to track the CO2 emission of every transaction. The index connects each transaction category to its impact on the planet.
In addition, the index has been enhanced with data through a newly formed partnership with Trucost, a part of S&P Global.
Today, the first bank in the US and Nordea in the Nordics announced they will begin tracking carbon levels.
Doconomy was also named a partner to the United Nations Framework Convention on Climate Change (UNFCCC).
Niclas Svenningsen, manager, Global Climate Action, UN Climate Change Secretariat, said: “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. Through our collaboration with Doconomy, we hope to provide clear, effective channels to support these individual’s daily climate action.”
