Need to Know
- The new tool, Carbon Calculator, allows consumers to see the level of carbon emissions generated by their purchases.
- Calculations can be translated into equivalent metrics, such as the number of trees needed to offset the emissions created.
- Banks are able to integrate the Carbon Calculator into their mobile apps through Mastercard Developers APIs.
- Carbon Calculator was developed after a Mastercard survey on sustainability showed that 54% of customers think reducing their carbon footprint is more important now than it was pre-pandemic.
Mastercard has developed a new tool, Carbon Calculator, that shows customers how many carbon emissions are created by their purchases.
The new tool, which Mastercard announced on April 12, was developed after a sustainability survey conducted by the company showed that 54% of respondents believe reducing their carbon footprint is more important now than it was pre-pandemic.
Carbon Calculator not only shows customers how many emissions are created by their purchases but also has the ability to demonstrate this metric in equivalent terms, such as the number of trees that would need to be planted to offset the emissions generated. The calculations are powered by the Åland Index, which is independently verified.
“Companies, consumers, and communities must work together to make the significant changes needed to effectively address climate change,” said Jorn Lambert, Mastercard’s chief digital officer. “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. 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.
Lambert noted that the Carbon Calculator builds on Mastercard’s Priceless Planet Coalition, launched in 2020, which allows Mastercard holders to donate funds towards tree-planting goals. Consumers who use the Carbon Calculator will be presented with the opportunity to donate to the Priceless Planet Coalition, either with cash or by donating loyalty points.
Banks are able to integrate the Carbon Calculator into their mobile apps through APIs available via Mastercard Developers.
Mastercard has launched a number of tools in recent months aimed at improving its customer experience in ways that exist outside of traditional credit card and banking transactions. Many of these new launches and tools have been inspired by changes in consumer habits brought on by the ongoing coronavirus pandemic. In March, Mastercard partnered with the ICC to establish digital health passport standards, as the COVID-19 vaccine rollout continues globally. The company also partnered with Clair to offer wage advances to hourly and gig workers, both of which have been disproportionately affected by the pandemic and also partnered with Stride to offer benefits to gig workers late last year.