Mastercard is teaming up with Sweden-based fintech Doconomy on the launch of the Mastercard Carbon Calculator, a feature which banks can embed into their apps. The calculator would offer customers a snapshot of the carbon emissions generated by their purchases across spending categories.

Why should we care?
With the Doconomy-powered carbon calculator Mastercard is tapping into a desire among some consumers to bank with institutions that implement environmental sustainability strategies. The calculations are supported by the Åland Index, which can be enhanced with relatable equivalents, including the number of trees required to absorb the same amount of CO2, and tips about living more sustainably. “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,” said Jorn Lambert, chief digital officer at Mastercard. Doconomy, founded in 2018, has partnered directly with banks on similar initiatives, including a tie-up with BNP Paribas-owned Bank of the West on the 2019 launch of an eco-friendly account called 1% For the Planet. Products Doconomy offers its clients include the DO Card in Sweden, which offers a breakdown of CO2 emissions; impact calculations for banks and financial institutions using the Åland Index API; and loyalty solutions for brands based on their willingness to share the carbon footprint of products.