As another step in its “commitment to climate action,” Vancity says it is introducing a program allowing Visa credit cardholders to track the estimated carbon emissions attached to their purchases — which it says is a first in Canada..Beginning in 2023, the credit union says “the Carbon Counter” will help members understand their carbon footprint, allowing them to compare their monthly tally to the national average..The counter will also “provide advice” in regard to how cardholders can reduce their emissions footprint..“We know many Vancity members are looking for ways to reduce the impact they have on the environment, particularly when it comes to the emissions that cause climate change,” said Jonathan Fowlie, Vancity’s Chief External Relations Officer..“As a member-owned financial cooperative, we believe it is our job to do everything we can to help, especially when it comes to the decisions people make with their money.”.Fowlie says the tool will enable cardholders to “connect their daily spending decisions to the change they want to see in the world.".Vancity is launching the program in partnership with German fintech company ecolytiq. Founded in 2020, ecolytiq — which describes the program as “behavioural nudging” — says it wants to transform the financial industry into a sustainability powerhouse..Most notable of the company’s backers is Visa, whose cards will serve as the tracking technology's vessel, however it is also funded by auditing and consulting firm PwC Germany through Segenia Capital, VCM Global Asset Management, and venture capital firm btov..“We are breaking new ground here,” said Ulrich Pietsch, ecolytiq’s co-founder and managing director..“With the launch of Carbon Counter, Vancity is solidifying its role as a leading sustainability innovator both in Canada and in the global banking world.”.The move is in line with what is becoming known as the “green transformation” of the global financial system..“A significant shift is needed towards more sustainable behaviours to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices,” CEO of Visa Europe Charlotte Hogg said last year in regard to the the Visa-ecolytiq partnership..“The company [ecolytiq] has gone from strength to strength in the past two years and we’re proud to support the next stage of their growth.”.In similar fashion, Mastercard — which also pledged to reach net zero emissions by 2050 — teamed up with Swedish fintech Doconomy in 2021 to develop the Mastercard Carbon Calculator..Integrated across Mastercard’s global network, the feature allows banks to “adopt and customize for eco-conscious consumers who are looking for more ways to be informed about their spending.”.Doconomy also worked with Mastercard to create the world’s first credit card with a carbon limit three years ago, a move championed by organizations such as the World Economic Forum, the United Nations Framework Convention on Climate Change, and more.
