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    New Banking Service to Track Individual Carbon Footprint

    Stockholm (NordSIP) – Doconomy, a new startup founded by sustainable investment alumni from SPP and Ålandsbanken, is preparing to launch ‘DO’, a banking service in the form of an app and credit card that will work towards reducing the climate footprint of individuals.

    The service, which is intended to reduce “conspicuous” consumption, will allow users to follow the climate impact of their purchases and offer climate-compensating fund investment opportunities.

    The DO service is the brainchild of Nathalie Green, who worked with sustainable investing at SPP for eight years and later helped develop the Åland Index, a calculation model for carbon footprints developed by Ålandsbanken. Together with Ålandsbanken Chairman of the Board Helena Mueller and Innovation Manager Mathias Wikström, Green founded Doconomy and is preparing to launch the new product next year, which will track the Åland Index that will calculate the carbon impact of every transaction.

    Carbon footprint impact can be compensated by funding UN-certified carbon offset projects or investments in fossil free and/or sustainable funds.

    “Many have not really realised that it’s a win-win to invest sustainably,” Green told breakit.se. “There is still a prevalent opinion that it is more expensive to invest sustainably.”

    “We have connected with a number of traders who are with us on this journey. This means that if you buy a product from them, you get DO credits, which is the same as the product’s climate footprint,” she explained. “Then, you can choose from our app whether you want to save the credits or climate compensate with them. We will start a pilot with that setup soon.”

    It’s a form of bonus programme – but you cannot use the bonus to consume more!”

    The app and card are slated to be launched sometime in Q1 2019. Ålandsbanken is a minority owner in the company. Undisclosed private investors are also involved in the venture.

    Image from Pixabay

     

     

    Glenn W. Leaper, PhD
    Glenn W. Leaper, PhD
    Glenn W. Leaper, Associate Editor and Political Risk Analyst with Nordic Business Media AB, completed his Ph.D. in Political and Critical Theory from Royal Holloway, University of London in 2015. He is involved with a number of initiatives, including political research, communications consulting (speechwriting), journalism and writing his first post-doctoral book. Glenn has an international background spanning the UK, France, Austria, Spain, Belgium and his native Denmark. He holds an MA in English and a BA in International Relations.

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