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.
Mastercard and Doconomy have been working on carbon footprint tracking based on purchases for the past couple of years but are now offering it to banks around the world, which can integrate the calculator into their apps through new APIs.
The move comes as Covid-19 is inspiring people around the world to consider more sustainable behaviours.
A Mastercard-commissioned survey of more than 25,000 people, from 24 countries, shows that 54% of respondents see reducing their carbon footprint as more important now, and 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.
The carbon calculator's calculations are powered by the independently verified Åland Index and can be supplemented by banks 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.
Customers can also contribute to the forest restoration projects of the Priceless Planet Coalition - whether by donating or using banks’ loyalty rewards programmes.
Jorn Lambert, chief digital officer, Mastercard, says: "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."