American multinational financial services corporation, Mastercard, has released the Mastercard Carbon Calculator for the Middle East & Africa (MEA) region, as eco-conscious spending and consumption gain more popularity.
The Mastercard Carbon Calculator, developed by collaborating with the Sweden-based fintech Doconomy, provides access to insights and data about environmental impact. The feature enables consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories.
The banks and financial institutions can easily adopt and customize the feature for eco-conscious consumers by seamlessly integrating the Carbon Calculator into their mobile apps through new APIs that are now available on Mastercard Developers.
The calculations are powered by the independently verified Doconomy Aland Index and then enhanced with relatable and easy-to-understand equivalents like the number of trees needed to absorb the same amount of CO2 and tips about living more sustainably.
“The New Mastercard feature enables banks to equip people with carbon footprint data and insights to help inform consumer spending and offer ways to contribute to reforestation with growing consumer passion for the environment and sustainable lifestyle choices, we hope that this feature will inspire more people to support brands that are contributing to environmental welfare.”
“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. When others are talking of the importance of Environmental, Social and Corporate Governance (ESG), Mastercard is putting it to work at the fingertips of the consumer,” said Mathias Wikstrom, Chief Executive Officer of Doconomy.
The recent research by Mastercard which was released on Earth Day last month highlights strong consumer demand for payment solutions that address sustainability. Among adults in the MEA region, 90 percent stated that they are willing to take personal steps to combat environmental and sustainability issues.