- The launch was announced at COP28 in Dubai
- The innovative tool enables banks to inform customers about the carbon footprint of their purchases
Rawbank has announced that it will become the first bank in the Democratic Republic of the Congo (DRC) to adopt Mastercard’s Carbon Calculator with the aim of promoting environmentally responsible consumer behavior. The innovative tool was developed by Mastercard, together with Swedish fintech company Doconomy, to help inform customer spending and drive more climate-conscious purchasing decisions.
The landmark announcement was made on the sidelines of 28th UN Climate Change Conference (COP28) in Dubai in the presence of senior executives from Mastercard and Rawbank.
The Mastercard Carbon Calculator enables consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories. Banks can seamlessly integrate the feature into their mobile apps through APIs that are available on the Mastercard Developers platform, and customize it for eco-conscious consumers, allowing them to make an active contribution to protecting the planet.
The Carbon Calculator estimates the environmental impact of each purchase using a weighted calculation that takes into consideration the amount spent and the category. The calculations are powered by the independently verified Doconomy Åland Index. They can be enhanced with relatable and easy-to-understand equivalents, such as the number of trees required to absorb the same amount of CO2, and tips about living more sustainably.
“At Mastercard, we are committed to leveraging innovative technologies to build a sustainable world that works for everyone everywhere. We are delighted to welcome Rawbank to the ranks of companies that use our Carbon Calculator for the benefit of people and the planet by motivating their customers to adopt more environment- and climate-friendly shopping habits,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.
“Rawbank with its new motto “more than a Bank” seeks to give back to society through supporting projects with high social and environmental impact. We have identified six priority UN Sustainable Development Goals (SDGs) on which we focus our efforts, including SDG 13: Climate Action. In this context, we look forward to rolling out Mastercard’s Carbon Calculator that will allow us to use digital channels to educate our customers on the environmental impact of their spend. We are proud to be the first mover on this initiative in DRC,” Mr. Mustafa Rawji, General Manager, Rawbank.
The Carbon Calculator complements the work of Mastercard’s Priceless Planet Coalition, guided by its restoration partners, Conservation International and World Resources Institute, which unites corporate efforts to restore 100 million trees worldwide with the aim of fighting climate change.