Doconomy Doconomy launches the world’s first water impact calculation for every purchase

Doconomy launches the world’s first water impact calculation for every purchase

  • Unique CO2 and H2O impact per purchase displayed
  • 2.2 billion people do not have access to safe drinking water
  • 9 out of 10 natural disasters are water related
  • By 2050, half of the world’s population will be living in water-stressed areas

 Today, Doconomy, a leading impact tech company providing banks with carbon footprint calculations for every transaction, disclosed a new feature. The current Åland Index CO2 methodology provided by the company now adds freshwater calculations to the impact presentation. This direct measure of our everyday consumption’s H2O impact is the first of its kind.

"By adding H2O data to our current CO2 methodology, we enable banks to expand their sustainability efforts, to turn water that is invisible to the consumer visible in every transaction."

“Reducing carbon emissions needs to be prioritized by all parties. At Doconomy we are proud to engage and educate around our lifestyle’s impact on the planet. Until now, however, measuring impact in H2O has been very difficult. Expanding Åland Index with the capability to also measure freshwater expenditure is one of my proudest moments since the Åland Index’s launch in 2016. By adding H2O data to our current CO2 methodology, we enable banks to expand their sustainability efforts, to turn water that is invisible to the consumer visible in every transaction.” Mathias Wikström, Doconomy founder and CEO.

By 2050, global water demand will increase by 55% due to a combination of rising global population and economic growth. By then, half of the world’s population will live in areas under water stress. From now until 2040, the amount of energy used in the water sector is projected to more than double.

Enabling consumers to track and measure the freshwater impact from consumption is crucial to educate around the interconnectivity of the planet and our impact. In addition to CO2, Doconomy now also aims to create a greater understanding regarding the importance of water locally, nationally and globally. The Åland Index water impact calculations are not only being recognized by leading banks; the new solution also attracts great support from the UN.

“Raising awareness around the water challenge is key to delivering on the Global Goals. Sustainable water usage and healthy oceans is a critical ingredient of a prosperous global economy. Therefore, supporting banks and the financial sector to engage consumers in tracking and measuring their water footprint is an excellent way to start driving demand for products and services with a low water footprint. I welcome this initiative by Doconomy and all banks that aim to mobilize their users around this important issue.”  Eric Usher, Head of UN Environment Programme Finance Initiative, UNEP FI

The H2O calculations will initially be implemented by three ambitious banks with the ambition to engage their users: BNP Paribas Bank Polska, Standard Chartered and Ålandsbanken.

“Everyone should reduce his or her impact on the environment as much as possible. However, without the proper tools, this can be difficult or even impossible. That’s why it’s important to offer consumers solutions that help them see and understand how our everyday decisions affect the environment. I believe this is the key to make the change.” Dariusz Maciołek, Managing Director – CMO at BNP Paribas Bank Polska

The Åland Index service offers a comprehensive and innovative user experience for everyday climate impact calculations measured in local currency, CO2 and H2O. Through the service, banks and payment providers can offer all users tools to understand and reduce their impact.

“Sustainability is at the core of our strategy. We are committed to deliver profit with purpose. One of the ways is through the launch of sustainable consumer products and tools.  Our clients want to make more sustainable choices in all aspects of their lives, from what they consume to how they invest. We’re delighted to partner with Doconomy to pilot a new capability for our clients. This capability will help our clients understand their carbon and water impact from their transactions, so that they can make informed choices to contribute to a greener world. ” Rosalind Ng, Global Head, Client Experience & Strategic Business Enablement at Standard Chartered

The unique freshwater calculations are made possible by data from Doconomy’s partner S&P Trucost. The calculations both include direct and indirect water use from consumption as well as the social price of water. The social price of water reflects the price of freshwater consumption based on lost ecosystem services and the impact on human health.

“Five years ago we invented Åland Index, and ever since, our customers at Ålandsbanken has been able to see their carbon footprint on every transaction. But being based on island in the middle of the Baltic Sea, we do understand that everything is connected. That is why we are happy to cooperate with Doconomy and now being able to add water as an impact factor to our user experience.” Peter Wiklöf, CEO at Ålandsbanken

The current release of the H2O data in every transaction is an important first step to engaging all daily users of the financial services industry in understanding that every action has a reaction, invisible or not.

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