Ajman Bank has said it will step up sustainability efforts and implement Mastercard’s Carbon Calculator as part of a collaboration with the fintech giant.
Developed by Mastercard in partnership with Swedish fintech company Doconomy, the Carbon Calculator allows consumers to receive a snapshot of the estimated carbon emissions generated by their purchases.
It also offers them the option to contribute to reforestation through Mastercard’s Priceless Planet Coalition. Banks and financial institutions can integrate the feature into their mobile apps through APIs that are available on Mastercard Developers website.
In addition, the bank has signed its UAE Sustainable Cards Pledge, an initiative which was announced at the 28th UN Climate Change Conference (COP28) in Dubai in December. The UAE Sustainable Cards Pledge is aimed at mobilising the country’s banks to switch to cards made from more sustainable materials- including recycled or bio-sourced plastics such as rPVC, rPET, or PLA1 – by 2025.
The initiative has reportedly witnessed a strong uptake among key industry players, with 80% of Mastercard cards issued in the local market from 2025 expected to be made from more sustainable materials.
“By integrating Mastercard’s innovative Carbon Calculator into our services, our objective is to empower our customers to make more environmentally conscious purchasing decisions. This, along with our active participation in the UAE Sustainable Cards Pledge will help us reduce significantly the environmental impact of our operations,” said Mustafa Al Khalfawi, CEO of Ajman Bank.
A 2021 Mastercard study shows that nine in 10 adults in the Middle East are willing to take personal action on sustainability issues. Over 72% of respondents in the region think it is now more important for businesses to do their part for the environment, and more than 25% are going to stop using brands that do not intend to behave sustainably.
Meanwhile, nearly 15% admitted boycotting companies that have not adopted sustainable values. The top three issues the participants want companies to focus on include safeguarding the health and wellbeing of their employees, reducing air and water pollution, and offering more sustainable and durable products.
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Image source: Mastercard
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