Doconomy

Introducing a new carbon calculator for your Standard Chartered Credit Card which enables you to assess and track your carbon footprint based on your lifestyle choices.

About Doconomy and Standard Chartered Bank:

Standard Chartered has partnered with Doconomy, a Sweden-based impact tech company, to introduce a digital tool that helps clients track, measure and manage the impact on carbon emissions based on goods and services they have purchased, as identified through their credit card transactions. This is based on the Aland Index introduced in 2016 to provide financial institutions with carbon footprint calculations for every transaction.

You can log-in to your Online Banking to see your carbon footprint based on your credit card transactions by clicking on ‘View my carbon footprint’ option showing on the left side on Internet Banking on the desktop.

A carbon footprint is the total amount of greenhouse gases are generated by our actions. Being aware of your carbon footprint is the first step towards an effort to reduce global warming and leading a sustainable lifestyle.

For any card transactions, the fully automated Aland index can calculate the carbon omission on each of these transactions in kilograms of carbon dioxide. This is derived from the purchasing price and an emission factor, which varies for the different sectors depending on how the product or service is produced.

This output is then visualised for you on Standard Chartered’s mobile banking application. The 47 sectors identified by Doconomy, corresponding to the most common sectors that consumers buy goods and services from, are further divided into various overarching lifestyle categories (such as home, food and transport) to allow you to see — on a monthly and individual transaction basis — how their impact weighs differently across various activities in life and take proactive steps to reduce their carbon emissions.

The climate crisis is one of the greatest challenges facing the world today, and its impact on the environment and human health significantly affects sustainable economic growth. This collaboration has the potential to allow millions of consumers over time to gain further insights and knowledge into how their individual consumption affects the environment and the climate. It also marks a starting point for working together to further expand digital tools and support consumers in taking everyday climate action.

Doconomy, founded in Sweden 2018, provides digital solutions to help track and measure the carbon footprint. Doconomy’s service, DO, a mobile banking app, manages savings and promotes sustainable consumption. The Aland Index Solutions impact calculations in DO use data, covering 99% of global market cap, through a unique partnership with Trucost, a part of S&P Global.

Through Doconomy’s collaboration with the United Nations Climate Change Secretariat (UNFCCC), to educate and engage individuals around climate action, additional innovative tools to explain our impact are also developed. Doconomy utilizes innovation, data and design to support consumer change of behaviour by enabling well -informed choices, which in turn, promote responsible consumption. The 2030 Calculator is such an innovation, to increase transparency and responsibility on product level.

Åland Index was developed in 2015. The index enables financial transactions to be measured by their impact on the planet by merging financial transactions with leading sustainability data and technology. It was developed together with leading financial data providers and is verified by a third-party auditor. The index connects the purchase price with kilo carbon spent but also puts a price on carbon, visualizing the true cost of consumption to the end-user.

Disclaimer:

The Bank Contracting Party represents, warrants and undertake to at all times when the Åland Index is applied to calculate the carbon impact of credit/debit card transactions, incorporate and display the following disclaimer on any tech solution (web or other electronic screen display), hard copy report or any other format of delivery, in a clear and conspicuous manner, and at least in the same manner as the Bank Contracting Party’s own copyright/and or disclaimer notice (if any), and any other copyright, disclaimer or other notices as the Supplier Contracting Party may require from time to time:

“The carbon footprint is calculated using the Åland Index™ which combines the cost of your purchase with the carbon footprint of that particular merchant category. It means that the index will be able to differ between whether you have been to the florist or the dentist, but not whether you bought roses or tulips. The index does not claim to calculate the exact footprint of your lifestyle but will give you a good understanding of your carbon emissions.

The Åland Index was launched in 2016 by Ålandsbanken and has been further developed in cooperation with S&P Global Market Intelligence. The index is managed and developed by Doconomy AB in Sweden, partner to the UNFCCC promoting Global Climate Action. S&P Global Market Intelligence is not an affiliate of Ålandsbanken or Doconomy AB and it disclaims all liability for any claims, losses, or damages in connection with use or application of its material in the Åland Index.

The purpose of the Åland Index is to raise awareness around how our lifestyle impacts the climate and to promote positive behavioral change, however past performance is not an indication or guarantee of future results. The index is reviewed by an independent third party, EY, and updated regularly. Read more about Åland Index and Doconomy AB’s important work at www.doconomy.com.”

 

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