Oct 21, 2021
As the public’s climate awareness steadily increases, the fintech sector is ripe with opportunities to enhance consumers’ financial lives with climate insights and action.
That’s why we’ve partnered with Stockholm-based impact technology firm Doconomy to introduce a first-of-its-kind tech stack for climate fintech. This partnership will provide financial services with the necessary tools to assess their carbon impact and neutralize emissions, marking a new milestone in the global shift to green banking.
It’s clear that fintech will play a powerful role in our universal mission to reach gigatonne-scale carbon sequestration. Rising global temperatures are resulting in more climate-conscious purchasing and consumption behaviors, and consumers will rely on financial institutions to support this shift with appropriate resources and guidance.
Doconomy is accelerating this work by providing leading financial institutions, including Mastercard and S&P Global, with climate impact calculations for digital transactions. The company prioritizes impact transparency and shared responsibility between the user and provider, which is what makes our collaboration so powerful: By pairing Doconomy’s transaction impact data with Patch’s carbon removal platform, users will gain a deeper understanding of their spending impact to inform more effective, data-driven climate action.
This partnership will also give Doconomy users access to the broadest selection of carbon removal projects on the market, ranging from nature-based projects to biochar, mineralization and kelp. As climate fintech grows and the carbon removal market expands, “it is of utmost importance that the increased demand is steered towards projects of high quality with real, verifiable impact that lasts over time,” said Doconomy CEO Mathias Wikström.
This announcement is just one piece of our shared journey to unleash the green consumer. Patch and Doconomy are also working alongside Mastercard, Rise by Barclays and New Energy Nexus to support the first-ever Climate Fintech Cards & Payments Challenge. On Nov. 17, the Challenge will host a Demo Day where startups can showcase digital financial climate solutions for a shot at $100,000 and the chance to work with established financial stakeholders on proof-of-concept projects.
With billions of cardholders around the planet, it’s only a matter of time before financial institutions see ubiquitous demands for climate-focused services. The fintech sector has an unprecedented opportunity to drive this trend and influence the future of public consumption, and we’re eager to lead the path forward with Doconomy.
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