A new credit card that helps users track and measure their carbon emissions associated with their purchases as well as cap the climate impact of their spending has been launched.
Swedish fintech company Doconomy’s ‘DO Black’ credit card, developed in partnership with Mastercard, is linked to an app that enables consumers to track and measure their carbon footprint from each purchase and allows them to put limits on the climate impact of their spending.
It is the first credit card ever to stop people from overspending, not based on available funds but on the levels of CO2 emissions caused by their consumption.
Those who sign up to DO will receive access to a savings account that helps them understand their carbon footprint, UN-certified climate compensation projects and investment funds that have a positive impact on people and the planet.
They will also be financially rewarded for being more environmentally friendly – users can get refunds known as ‘DO credits’ from connected stores based on the carbon impact of their purchases.
These refunds can be used to compensate for the carbon footprint of the purchase by directing it to UN-certified projects that reduce, avoid or remove greenhouse gas emissions or invest in sustainable funds and will be rewarded with Certified Emission Reductions.
Natalie Green, CEO of Doconomy said: “The core purpose of DO Black is not only the ability to measure the impact of your consumption but also bringing it to a direct halt, making it a radical tool against climate change.”
The card is made of bio-sourced material and printed with Air Ink, which is made from recycled air pollution particles, such as the emissions from car exhaust pipes.
UN Climate Change Executive Secretary Patricia Espinosa added: “While countries are working to address climate change through the Paris Agreement, it’s clear we need much more ambitious climate action, and we need it now; but, 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. That’s why we are pleased to welcome this initiative being undertaken by Doconomy.”