Payments company Mastercard and Swedish FinTech Doconomy launched a carbon calculator that allows consumers and banks in the UAE to understand the impact their purchases have on the environment.
The calculator allows users to gauge the amount of carbon emissions generated by their purchases across various categories, the payments company said in a statement on Thursday.
Banks and financial institutions can integrate the carbon calculator into their mobile apps through application programming interfaces available on Mastercard Developers.
"The New Mastercard feature enables banks to equip people with carbon footprint data and insights to help inform consumer spending and offer ways to contribute to reforestation," said Gaurang Shah, Mastercard’s senior vice president, product management, digital payments & labs for Middle East and Africa.
The calculator is powered by Doconomy Åland Index and can also be enhanced further with equivalents such as the number of trees required to absorb the carbon.
Mastercard's move comes as consumers become increasingly cautious about their carbon footprint following the Covid-19 pandemic, which saw a record decline in emissions.
Around 96 per cent of adults in the UAE are willing to take personal action to combat environmental and sustainability issues, according to a survey by Mastercard. A quarter of those surveyed said they wouldn't buy from brands that have not undertaken pledges to help the environment or behave sustainably.
Increased awareness about sustainability among consumers has also driven businesses to pledge to become carbon neutral. Many companies, including tech titans such as Apple and Amazon, which are often criticised for their energy-intensive operations, have pledged to reach net-zero emissions in a few years.
Last year, Amazon's billionaire chief executive Jeff Bezos pledged $10 billion to fund scientists, activists, charities and other groups fighting to protect the environment and counter the effects of climate change.
The e-commerce company is also aiming to run on 100 per cent renewable energy by 2025 and is investing in the deployment of 100,000 electric vehicles from US car maker Rivian, some of which will be operational by 2021.
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
RESULTS
West Asia Premiership
Thursday
Jebel Ali Dragons 13-34 Dubai Exiles
Friday
Dubai Knights Eagles 16-27 Dubai Tigers
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
