VANCOUVER – Vancity says it is launching a program that will allow its Visa credit card holders to track the estimated carbon emissions of their purchases.
Starting in the new year, every Vancity Visa credit card holder will be able to track the estimated carbon emissions of their credit card purchases. Members will be able to see how their monthly tally compares to the national average, or which credit card purchases have the highest environmental cost.
The Vancouver-based credit union says all Vancity Visa credit card holders will be offered the data, which will also include how their spending-linked emissions compare nationally and which purchases have the highest environmental cost.
Vancity says it is partnering with climate-focused German fintech ecolytiq to offer the carbon calculator.
The credit union says it will be the first to offer a Visa-based carbon footprint calculator in Canada when the program becomes available in the new year.
Vancity is partnering with ecolytiq, one of Europe’s leading climate engagement technology companies, to provide the first Visa Carbon Counter in Canada. The ecolytiq solution combines climate awareness, education, and behavioral nudging in its tool for financial institutions.
Mastercard last year announced a carbon calculator tool that banks could roll out to customers, but did not immediately respond to clarify whether any Canadian banks currently offer its calculator tool.
The Mastercard option was rolled out in collaboration with Doconomy, a Swedish fintech company that in 2019 launched a credit card with a carbon footprint limit.