Abu Dhabi-based neobank Wio Bank has become the first bank to roll out Mastercard’s Carbon Calculator in the EEMEA region, enabling customers to understand and consider the environmental impact of their purchases.
The challenger bank was established to reboot banking in the UAE for both businesses and consumers. Wio Bank has integrated the Carbon Calculator into its Wio Personal application, in line with the UAE’s Year of Sustainability, setting a new standard for sustainable banking practices in the region.
The bank said by understanding their carbon footprint, Wio Personal users are equipped to make meaningful changes that combat climate change, conserve resources, and encourage a sustainable lifestyle. As part of this initiative, the bank’s customers can directly donate to support the Emirates Nature – WWF project, which is aimed at restoring 50,000 mangroves over 10 Hectares in the Northern Emirates.
“The Carbon Calculator is one more way that will enable them to understand, visualise, and spend in a way that will serve our planet better. This is a step towards a more sustainable future, fostering a new way of thinking about our actions and their effects on the world we live in,” said Jayesh Patel, Chief Executive Officer at Wio Bank.
The Mastercard Carbon Calculator, powered by the independently verified Doconomy Åland Index, provides users with the estimated carbon emissions generated by their Wio Personal card purchases. The innovative tool was developed to help drive more informed purchasing decisions and can be enhanced with relatable and easy-to-understand equivalents, such as the number of trees required to absorb the same amount of CO2, and tips about living more sustainably.
“At Mastercard, we are committed to leveraging innovative technologies to enable more sustainable consumption. We are delighted to welcome Wio Bank to the community of partners that are putting the Carbon Calculator to use for more informed purchasing decisions of their cardholders,” said Ellen Jackowski, Chief Sustainability Officer, Mastercard.
The Carbon Calculator complements the work of Mastercard’s Priceless Planet Coalition, which unites the efforts of consumers, financial institutions, merchants, and cities to fight climate change through the restoration of 100 million trees. Wio Bank is a proud member of Mastercard’s Priceless Planet Coalition, guided by restoration partners Conservation International and World Resources Institute, and this alliance reaffirms its commitment to sustainability.
Mastercard has committed to achieving net-zero emissions by 2040. To date, more than 519 issuers across 97 countries have signed up to transition 388 million cards across our network to recycled and bio-based materials.
