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Doconomy is a Swedish fintech that has been offering its services for several years to users who want to measure the carbon impact of their daily lives. By combining their own API and the Åland transaction impact calculator, Doconomy is indeed able to put a number on every expense you make.
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Doconomy wants to increase environmental awareness
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In a context where the impact of our actions on the environment is increasingly scrutinized, Doconomy’s tools could not be more relevant. A growing number of people are interested in ways to measure and reduce CO2 emissions in all areas.
The Swedish fintech has understood this and provides several tools allowing individuals and companies to measure the impact of their actions. It doesn’t stop there, since once these measurements are made, it gives users the possibility to take action based on the results. We will come back to this element later.
Doconomy operates largely through their mobile app, which as often as not serves as their dashboard and main interface. This is where users will have access to all the information regarding the environmental impact of their spending.
Measurements can be made on different areas:
- The “Lifestyle Calculator”: as its name suggests, this tool is intended for use by individuals. Created in partnership with the UNFCCC (United Nations Framework Convention on Climate Change), it allows users to measure their personal impact. By entering certain information such as the details of an airplane flight, the tool will calculate the score representing the expenses.
- The “Product Impact Calculator” measures the carbon footprint of a product, taking into account production and logistics up to the point of sale. Brands will also be able to see the carbon footprint of all their products on a dedicated dashboard.
- The “Impact Dashboard” allows banks and other financial institutions to have an overview of the carbon emissions of the financial services they offer to their partners and customers.
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Doconomy has therefore extended the application of its calculation tools to all these areas to give any type of user a way to measure the climate impact of their actions. The fintech has even worked in collaboration with Mastercard to offer a slightly special bank card.
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A card in association with Mastercard
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Doconomy offers two bank cards that can track cardholder emissions. These cards can be used to make payments like a traditional bank card and will use the measurement tools mentioned above.
The cardholder will therefore have access to all of his or her transactions on the Doconomy mobile application, each of which will be assigned a “climate score”. The objective remains the same: to make users aware of the impact of their purchases and enable them to act accordingly.
The DO Black card gives cardholders the opportunity to “offset” the environmental impact of their spending. In other words, they will have the option to fund projects and communities aimed at reducing carbon emissions on the application.
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The combination of the footprint calculation and the option to act is a good way to involve the wearer in real time. Seeing a bad score on one of his transactions, he will easily have the possibility to compensate it in a few actions.
Doconomy has succeeded in highlighting the impact of all types of transactions, whether they take place in the professional or private domain. By attaching a score, it gives an indication that is understandable for everyone, and even gives the possibility of acting instantly following the calculation.
In a context that couldn’t be more favorable to environmental awareness, Doconomy’s services seem destined to remain relevant for a long time to come. The Swedish fintech recently launched a major program at Climate Week in New York in late September 2022. The latter provides an estimate of weekly emissions generated in the US, again with the aim of raising awareness and confirming Doconomy’s commitment to its mission.
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