The DO Card from Swedish startup Doconomy became available this month, after an announcement in February this year with Mastercard, the firm's partner in the initiative
The new credit card from the Swedish fin-tech firm will go well beyond helping you buy stuff on credit. It will track and measure your CO2 emissions associated with purchases, and go a step further by throwing up options for you to limit the climate impact of your consumption.
This will be achieved by inviting you to spend on UN certified green projects, or simply invest in green funds, , or funds committed to investing in environmentally sustainable enterprises only. A market close to 20 trillion USD by now.
The approved UN projects range from cleaner-burning cookstoves to wind-generated electricity to clean waste disposal – all projects that contribute to global emission reduction. UN Climate Change Executive Secretary Patricia Espinosa welcomed the launch, saying “While countries are working to address climate change through the Paris Agreement, it’s clear we need much more ambitious climate action, and we need it now; but, governments cannot solve climate change alone.”
To meet the goal of the Paris Agreement and avoid an irreversible climate crisis, global emissions will need to be cut by half by 2030, and then decline to reach climate neutrality by mid-century. The UNEP has made no bones of its desire to see more private sector participation in the climate change effort, noting that close to 75% of global GDP is accounted for by the sector, making it clear that government action can never achieve goals. Nathalie Green, Doconomy CEO said, “DO will enable people to do their part to contribute to the carbon reduction goals of 2030 and onwards.”
The card itself is made out of a bio degradable material, instead of the ubiquitous plastic that has become a synonym for credit cards worldwide. The card, which is printed with recycled pollution (Air-Ink) and with no magnetic strip is the first of its kind in the world.
Doconomy itself was founded in Sweden in 2018 by Johan Pihl, Mathias Wikström and a team of people from the finance, tech and communications industry.