Measuring Carbon Footprint in Real-Time via Banking App

A growing number of services are attempting to help an individual calculate his or her carbon footprint, allowing them to add up the impact of their daily activities. Rather than focusing on the sum of the equation, the Swedish sustainable banking service Doconomy has chosen to concentrate on the variables. The fintech company has created a carbon-footprint measuring tool based on the purchases their customers make with their credit card, made available in real time through their banking app. 

3 things to know about this CO2 impact purchase tracker:

- Doconomy started to collaborate with MasterCard in February 2019 to launch a mobile banking service allowing users to track their carbon footprint. In December, the multinational card issuer made an equity investment into the Swedish company to enable a global rollout.

- During Madrid’s UN Climate Change Conference COP25, Doconomy announced that U.S.-based Bank of the West (BNP Paribas), and Nordea in the Nordics were newly integrated into the program, the latter already offering the tracking tool on its app since its most recent update. 

- The impact calculation uses the “Åland Index”, a cloud-based tool connecting each transaction category to its impact on the planet. It was developed and implemented by Finland’s Bank of Åland, which recently formed a new partnership with Trucost, S&P Global’s climate change risk assessor, enhancing its data to now cover 99% of global market cap.