A credit to the planet
TECHNOLOGY
A Swedish company specialising in financial technology has launched the first eco-credit card that helps users track and measure the carbon dioxide emissions associated with their purchases. Users will then be encouraged to compensate for any emissions by donating to projects that contribute to achieving the United Nations’ Sustainable Development Goals.
The card — developed by Doconomy and called DO Black — links to an app that will put a limit on the climate impact of the users’ spending and alert them to investment funds that have a positive impact on the planet. Users will also be rewarded financially for being more environmentally responsible and will receive refunds from aligned stores based on the carbon impact of their purchases. Even the credit card itself is planet-friendly: it is made from bio-sourced material and is printed with an ink produced from recycled air pollution particles sourced from unburned carbon soot from exhausts, chimneys, and generators.
The Paris Agreement, signed by the UN in 2016, calls on global emissions to be halved by 2030 in order to avert an irreversible climate crisis. While countries are working to address climate change through the Agreement, UN climate change executive secretary Patricia Espinosa says: “Governments cannot solve climate change alone. Many companies are already taking steps to lower their emissions, and to create a more sustainable and resilient future. People are also thinking about the environment in their daily lives, including making more informed decisions about what they buy."
The ethos behind the eco-credit card — which has recently won the Creative eCommerce Grand Prix award at Cannes — is for banking to become more environmentally-friendly and for consumers to be more aware of the effects of their spending and lifestyle. "We all need to come to terms with the urgency of the [climate change] situation and rapidly move towards more responsible consumption,” says Doconomy CEO Nathalie Green. “With DO Black there are no more excuses.”