Doconomy and Mastercard today extended their joint effort to combat climate change. Moving beyond previously announced programs, this new arrangement brings the ability for any Mastercard issuer to offer their cardholder the ability to track and understand their carbon footprint based on purchases made.
Today, the first bank in the U.S. and Nordea in the Nordics announced they will join The Bank of Åland in enabling clients to track and measure their CO2 impact through the Åland Index.
"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,” said Mark Barnett, divisional president for UK, Ireland, Nordic and Baltics, Mastercard.
As part of the expanded relationship, Mastercard has made an equity investment in Doconomy to further scale the expansion of the carbon tracking and offsetting platform to additional markets.
“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," said Nathalie Green, CEO of Doconomy.
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. The solutions offer a proven, independent benchmark climate index and is based upon leading financial data. The index has been enhanced with data through a newly formed partnership with Trucost, a part of S&P Global.
Doconomy was founded in 2018 and has already received several awards for their solution as the Grand Prix in Cannes Lion and been named a partner to the United Nations Framework Convention on Climate Change (UNFCCC).
“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” said Niclas Svenningsen, manager, Global Climate Action, UN Climate Change Secretariat.