Mastercard has partnered with Swedish FinTech Doconomy to release a new carbon calculator.
The payments giant said the solution can give consumers a snapshot of the carbon emissions generated by their purchases, which it claimed are powered by the independently verified index.

Over half of consumers globally - 54 per cent - see reducing their carbon footprint as more important after the pandemic, according to research by the payments giant.

Gen Z and Millennials are leading this tread according to Mastercard, with 65 per cent feeling this way.

Mastercard said the solution will provide real world equivalents to help consumers understand their carbon footprints, such as the number of trees required to absorb the same amount of CO2.

Consumers also have the option to contribute to forest restoration projects such as the Priceless Planet Coalition.

Banks can integrate the carbon calculator into their mobile apps through new APIs that are now available to Mastercard developers.

Mastercard’s research also covered the actions consumers want businesses to take to reduce their carbon footprints.

Just over a third – 37 per cent – of Mastercard’s respondents prioritised reducing waste, while 35 per cent said reducing air and water pollution took top priority, and the same percentage said tackling the issue of plastic pollution in packaging and products.

Being more aware of the impact of their purchases is one of the top changes that people will make because of the pandemic, with 42 per cent saying this would be the case.

"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,” said Jorn Lambert, chief digital officer at Mastercard. "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."

“By engaging a whole industry in enabling individual insights as well as collective action, Mastercard has redefined the role the financial industry can play every day in tackling the climate crisis,” said Mathias Wikström, chief executive officer, Doconomy. “When others are talking of the importance of ESG, Mastercard is putting it to work at the fingertips of the consumer.”

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