The Berlin-based climate fintech ecolytiq makes the jump across the Atlantic as it launches the “Carbon Counter” banking web application with the Vancouver-based co-op credit union Vancity. This will be the first product of its kind in Canada.
Alongside the product launch, ecolytiq will be opening an office in Toronto to better scale climate action through financial institutions. This marks a major milestone for the Visa Fintech Partner Connect Programme member, who played an integral role in the launch of Visa’s Eco Benefits Bundle last year.
Starting in the new year, every Vancity Visa credit cardholder will be able to track the estimated carbon emissions of their credit card purchases. Members will be able to see how their monthly tally compares to the national average, or which credit card purchases have the highest environmental cost. The Carbon Counter will help Vancity cardholders understand the carbon footprint of their purchases as well as provide advice on what they can do to reduce their emissions footprint.
“We are breaking new ground here,” said Ulrich Pietsch, ecolytiq Co-Founder and Managing Director. “We developed a White Label solution to offer financial institutions all over the world an agile and effective way to provide their customers with tools to forge a better tomorrow. With the launch of Carbon Counter, Vancity is solidifying its role as a leading sustainability innovator both in Canada and in the global banking world.”
Vancity is partnering with Visa and ecolytiq, one of Europe’s leading climate engagement technology companies, to provide the first Visa Carbon Counter in Canada. By blending climate awareness, education, and behavioral nudging, the ecolytiq Sustainability-as-a-Service® solution combines the most effective areas of climate action to ensure that financial institutions have the digital tools to combat the climate crisis.
“Innovative technology companies are essential to helping the world reach net-zero targets and reduce climate impacts,” said Darryl Gant, Vice President of IT Solutions at Vancity. “We have joined forces with ecolytiq to bring the first Carbon Counter to Canada because they share our values on climate and our drive to be a financial force for change.”
Vancity is a values-driven member-owned cooperative where many of the members choose to bank because of the credit union’s record and ongoing work on the environment. Consumer research* by Visa indicates 70 per cent of Canadian consumers say sustainability is very important to them, and, importantly, more than half want to better understand their carbon footprint. The Vancity Carbon Counter will allow them to do that.
“We are proud to support the launch of Vancity’s CO2 calculator, a first on a Visa card in Canada. This is a great example of how we can empower consumers to understand their environmental impact and honour Visa’s commitment to a sustainable future,” said Stacey Madge, Country Manager & President, Visa Canada.
Vancity wants to not only help its members understand the impact of their spending on the environment, but also provide insights into lower emission options. In addition to providing a snapshot of your “count,” the Carbon Counter provides insights on how to reduce your carbon “spending” and tips for more sustainable choices.
* Research was conducted by Visa Inc. among 501 Canadians aged 18 and older, between August and September 2021.