31 July 2014

Finblog

Paul Penrose - Finextra

307 | posts 1,194,808 | views 234 | comments

Futuristic Banking

Stuff that's out there in the way out and beyond in banking.

The carbon currency card

21 June 2007  |  4782 views  |  0

"Imagine a country where carbon becomes a new currency. We carry bank cards that store both pounds and carbon points. When we buy electricity, gas and fuel, we use our carbon points, as well as pounds. To help reduce carbon emissions, the Government would set limits on the amount of carbon that could be used."

The words of UK Environment Secretary David Miliband speaking at the Audit Commission Annual Lecture last year.

The idea has been picked up by UK product innovation outfit Design Stream, which has teamed up with identity specialist Sven Vogel to create the Emissary credit card concept. The idea is to develop a credit card which can display messages about the environmental impact of personal spending decisions and suggest alternative greener options.

The cardholder’s personal carbon credit allowance would be topped up annually and points would be deducted for every purchase made. Users who exceeded their annual carbon quota would be obliged to top up their card with credits bought from energy efficient citizens with spare allowances.

The imposition of such a system nationally would be impossibly complex and wide open to fraud and abuse - not unlike the current system of carbon trading for industrial polluters. 

But the development of a green credit card that informed users of the environmental impact of their spending decisions could well prove popular with the general public. One for the bank innovation teams to ponder.

TagsPaymentsRetail banking

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Paul

ANZ and Visa lose the plot

30 June 2011  |  5669 views  |  0  |  Recommends 0 TagsMobile & onlineRetail banking

Don't give up the day job...ever

20 May 2010  |  5019 views  |  0  |  Recommends 0 TagsTrade executionWholesale bankingGroupWhatever...

Now we are ten

19 April 2010  |  5474 views  |  3  |  Recommends 0 TagsRetail bankingWholesale banking

Finextra's Best of the Web

05 March 2010  |  4914 views  |  1  |  Recommends 0 TagsRetail bankingWholesale banking

The ATM was the last great financial innovation

25 February 2010  |  8213 views  |  8  |  Recommends 0 TagsRetail bankingWholesale bankingGroupFinance 2.0
name

Paul Penrose

job title

Head of Research

company name

Finextra

member since

2007

location

London

Summary profile See full profile »
I'm responsible for editorial content and quality control across the full range of Finextra media...

Paul's expertise

Who is commenting on Paul's posts