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Doconomy and Caja Ingenieros launch carbon calculator, in collaboration with Mastercard
Doconomy and Caja Ingenieros have announced today that, in collaboration with Mastercard, they will offer their members a new service to measure their carbon and water footprint, Doconomy’s Åland Index.
STOCKHOLM/MADRID, November 14, 2023 — The Swedish fintech Doconomy and Mastercard have joined forces to provide Caja Ingenieros’ members with a tool for measuring their carbon and water footprint to encourage more environmentally conscious purchasing decisions. This service provides them with data to assess their purchases’ environmental impact and recommendations to make more conscious purchases, which will make them contribute actively to the protection of the environment. This initiative reinforces the sustainable strategy of the involved companies, which have embraced their role as positive enablers of climate action for years. Moreover, the tool allows users to adjust their carbon footprint based on demographics and lifestyle information in categories such as diet and electricity. The tool allows users to see, instantly, the amount of carbon dioxide (CO₂) and water (H₂O) footprints generated by their purchases and organized by expense category. With this new capability, Caja Ingenieros becomes a pioneering financial entity by offering their members the possibility to measure the environmental impact of their transactions.
Doconomy’s Åland Index solution is based on data from S&P Global, a financial service company and experts in environmental data for financial analysis and evaluating risks related to climate change. The calculator estimates the environmental impact of each purchase using a weighted calculation that takes into account the amount spent and the category of expenditure. This is automatically updated for each transaction.
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“At Doconomy we are excited to work with Caja Ingenieros’ talented team and our partner Mastercard. Together we empower their customers with automated calculations and engaging climate literacy solutions for a more sustainable tomorrow. Leading up to COP28 and beyond we see progressive banks all over the world gearing up to follow in their footsteps.”
Mathias Wikström, CEO and Co-Founder of Doconomy.
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“This new service sits at the core of our strategy for sustainable finance, taking care of our planet, and across all our activities. Today we also want to help our members to know what is the environmental impact generated by their purchases, consumption and financial activity. By doing this, we will be able to advise and move forward together, raising the awareness on the impact of financial education directly impacting the health of our planet."
Joan Cavallé, General Director of Caja Ingenieros
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"Mastercard always works to achieve a positive impact on society and the planet. Every day we strive to help our partners develop large-scale initiatives that put sustainability at the forefront, in order to provide solutions and tools to their customers that make a real difference in their daily lives. We are very proud of this collaboration with Caja Ingenieros and Doconomy and share their desire to protect our planet. We hope this first step will be an example for many others to follow."
Paloma Real, CEO of Mastercard Spain
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Caja Ingenieros, Mastercard and Doconomy are committed to a sustainable and inclusive future
Mastercard offers products and services to improve the environment, such as cards made from sustainable materials to reduce plastic waste. The company has also committed to reaching net zero emissions by 2040, a goal that seeks to reduce greenhouse gas emissions to avoid global warming of 1.5 degrees Celsius and created in 2019 the Priceless Planet Coalition initiative to reforest the planet with the planting of 100 million trees.
Mastercard has also announced changes to its compensation model for all its employees to help accelerate progress around three global goals: carbon neutrality, financial inclusion and gender pay parity. All this in support of the company's goal of building a more sustainable and inclusive digital economy.
Caja Ingenieros follows a cooperative banking model where ethical and social principles are fundamental. As evidence of this, the institution offers a wide range of sustainable products and services promoting both sustainable and positive impact finances. Grupo Caja Ingenieros is fully committed to the Sustainable Development Goals (SDGs) set by the 2030 Agenda. As proof of this commitment, it encourages its members to use biodegradable cards and offers investment funds and pension plans that take into account the criteria of Socially Responsible Investment (SRI), among other initiatives aimed at improving energy efficiency and reducing environmental footprint. In broad terms, the institution integrates its cooperative vision and commitment to promoting sustainability from both an economic and social perspective into all its services.
About Grupo Caja Ingenieros
Grupo Caja Ingenieros is a cooperative group of credit, financial, and insurance services aimed at both professionals and businesses throughout Spain, regardless of their inclusion in the engineering sector. It operates under its own sustainable business model, where customers are also members. In addition to being solvent, transparent, and rigorous, Caja Ingenieros is an institution committed and close to its members, with a clear vocation for personalized service. The mission of Caja Ingenieros is to generate shared value beyond the financial component.Sustainability is one of the guiding principles of the Group, visible in all its activities far beyond Corporate Social Responsibility projects. Aside from being a carbon-neutral entity and pledged to the to the United Nations Global Pact, it is also innovating by offering responsible products and services, for example the “CdE ODS Impact ISR”, the first fund from a national management company - where the Sustainable Development Goals (SDGs) and their measurement determine the investment policy of the funds.
In line with the Group's commitment to contribute to the sustainable growth of the economy, Caja Ingenieros Vida y Pensiones has been a pioneer in the Spanish market by launching individual pension plans managed under a “Socially Responsible Investment” strategy. Currently, 60% of the assets managed are placed in investment funds and 75% of assets under management in pension plans bear the label of sustainable and responsible investment (SRI).
Progress in Environmental, Social, and Governance (ESG) matters has been evident with measures taken across the business, aimed at reinforcing the purpose of Caja Ingenieros: “ being a responsible entity that generates positive impact”. Currently, 81% of the assets managed in investment funds and 95% in pension plans promote social and/or environmental characteristics according to SFDR regulations.
Caja Ingenieros is committed to digitizing its business and keeping a proximity model that includes personalized attention and advice through its offices – the institution has a total of 33. In order to enhance its digital and in close proximity DNA, and its personalized attention, Caja Ingenieros offers an innovative service to members based on an 'agile' methodology, a new flexible way of working allowing managers to provide digital assistance together with on-site advice.
About Mastercard
Mastercard is a global technology company in the payments sector. Mastercard’s mission is to connect and empower an inclusive digital economy that benefits everyone, anywhere, while making transactions secure, simple, smart, and accessible. Using secure data and networks, partnerships, and passion, its innovations and solutions help individuals, financial institutions, governments, and businesses to reach their full potential. With connections in more than 210 countries and territories, Mastercard is building a sustainable world that opens priceless possibilities for everyone.