Great news that the world is getting slowly back to normal, but some things have undoubtedly changed, arguably permanently. It has become increasingly apparent that environmental and sustainability issues matter, much more so than they did historically. In new research released by Mastercard this week, 85% of adults state they’re willing to take personal action to combat these concerns. Furthermore, 54% see reducing their carbon footprint as more important now than pre-pandemic.
Against this background, Mastercard has pioneered an innovative response. Where this business leads, other may perhaps follow. What Mastercard has done is to develop (in conjunction with a Swedish fintech, Doconomy) a Carbon Calculator. The calculator allows users to view their estimated carbon footprint across all their purchases. Tracked on a monthly basis, customers can see in which spending categories they are having the greatest impact. The Carbon Calculator has now been integrated across the Mastercard network and partnering banks can customise as appropriate for their customers.
While your author has yet to trial the service – although he will when it becomes available – it is more than just a marketing gimmick or a tool for the eco-conscious. There are practical actions that arise from its adoption. First, users can learn not only how their (spending) carbon footprint is calculated but then implement practical tips for reducing this footprint with future purchases. Next, consumers can offset some of their footprint via donations over the Mastercard network to the Priceless Planet Coalition. The 50+ global financial and retail organisations that comprise this group allow users to round up their purchases and/or make one-off donations towards a target of restoring 100m trees by 2025.
The above does not constitute investment advice and is the sole opinion of the author at the time of publication. Heptagon Capital is an investor in Mastercard. The author of this piece has no personal direct investment in the business. Past performance is no guide to future performance and the value of investments and income from them can fall as well as rise.
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