Credit, Debit or Environment?
The credit card which helps you control your emissions
We are often only aware of our environmental impacts when it is easiest. We may notice when we are able to order chicken instead of beef or say paper instead of plastic. We might be pleased in these moments of small victory—and we should be! In every small battle, reforming our consumptive practices brings us closer to winning the war. However, there are many other moments each day which we tend to overlook. We may remember to buy organic, but forget to buy local. Each time we delight at the prospect of free delivery, we don’t recognize the fact that our new item’s journey to us is not “free” of emissions and negative environmental impacts. It can be difficult to keep track of all our carbon emissions, and even more difficult to know which areas are most important to cut back.
This is where Doconomy, the Swedish fin-tech company revolutionizing the way we think about mobile banking, comes in. According to the company’s website, Doconomy’s DO card and app allows users to measure and track the CO2 emissions associated with their purchases via the Åland Index. The app communicates to users which of their purchases is responsible for the majority of their footprint, and helps users to set goals to decrease the emissions of their purchases week by week. Even the card itself is sustainable—printed with Air Ink, produced from recycled air pollution.
The card also allows consumers to go a step further. If their footprint for the week or the month isn’t to their linking, users can purchase carbon offsets, donating their money to UN certified green projects such as wind-generated electricity or clean waste disposal. This selection of UN certified green projects is made possible by the collaboration between Doconomy and the UNFCCC Secretariat. According to UN Climate Change News 4/30/19, Patricia Espinosa, the UN Climate Change Executive Secretary, claims that the work of governments alone will not be able to meet the 50% by 2030 UN goal. Espinosa lauds the ability of businesses and individuals to work with their governments towards more sustainable solutions. And companies are heeding her words! As of December 2019, Mastercard will be partnering with Doconomy. Along with allowing mastercard users to take advantages the Åland Index and the services provided by Doconomy, this partnership guarantees that mastercard will make an equity investment in doconomy to “further scale the expansion of carbon tracking and offsetting platform to additional markets” (mastercard press release 12/10/19).
So Doconomy is making key partnerships, but what else is in their future? Well, as of recently, Doconomy is also offering a premium VIP card called the DO Black. However, unlike the VIP of most other companies which encourage further spending and consumerism, the DO Black actually cuts off purchases based on emissions. The card ensures that users reduce their emissions by 50%, in line with UN 50% by 2030 goals. Some of us may be shocked at the idea of a credit card company telling us not to spend—but imagine how it could feel to have your card get declined, not because you’re out of money, but because you’re helping the environment. That changes a historically embarrassing moment into a moment of real pride.