Standard Charetered has signed a contract with Doconomy of Sweden to provide customers with digital tools to track carbon dioxide emissions and freshwater consumption of goods purchased using bank credit and debit cards.
The Doconomy application uses the Åland Index, introduced in 2016, to provide financial institutions with a carbon footprint calculation for all transactions. Recently, a freshwater calculation was added to the display of its effects.
For any card transaction, the index can calculate the carbon dioxide and water emissions of a purchase in kilograms of carbon dioxide equivalent and water usage per liter, respectively.
This output is visualized for clients in Standard Chartered’s mobile banking application. The 47 sectors identified by Doconomy correspond to the most common sectors where consumers buy goods and services, and are further categorized into various comprehensive lifestyle categories such as housing, food and transportation for clients. Allows you to see (on a monthly and individual transaction basis).Investigate how their impacts differ in different areas and take proactive steps to reduce carbon dioxide emissions and water consumption
The bank plans to pilot the service to Pakistani customers later this year.
Standard Chartered Bank Doconomy Carbon Consumption App
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