Doconomy and Mastercard launch CO2 footprint tracking mobile banking service
Today, Swedish fintech startup Doconomy, in partnership with Mastercard, announced the launch of its new mobile banking service: DO. The service, which is free and designed for ease of use, helps users track, understand and take steps to reduce their carbon footprint through carbon offsetting.
The DO service helps users guide their everyday purchasing habits towards more sustainable choices, including UN-certified projects. The service also offers guidance to allow investment in funds that have positive environmental and social impact.
“Together with Doconomy we can engage consumers, retailers and businesses in the fight against climate change. This collaboration is an important part of our focus on sustainability, and this innovative solution offers people a simple way to take responsibility for their carbon footprint, based on what they consume,” commented Mark Barnett, Divisional President of Mastercard UK, Ireland, Nordic and Baltics.
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Along with the mobile service, DO users can also sign up for a physical card. Made from recycled pollution (Air Ink) and without a magnetic strip, the biodegradable card is being hailed as the first of its kind.
“DO represents a new and interesting way of bringing climate action directly to the consumer, which is one of our strategic objectives in our work on Global Climate Action,” says Niclas Svenningsen, Manager, Global Climate Action at UNFCCC.
The application is scheduled to launch in April and is currently accepting early applications.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.