Visa launches carbon offset credit card
Visa has appealed to an increasingly environmentally concerned public by launching their first ever truly ‘green’ European credit card. The card promises to offset the carbon emissions generated by the products purchased with it.
Visa launches carbon offset credit card
Each time a charge is made to the card, the carbon footprint left by that product or service is researched and then offset by the ClimaCount compensation program.”
The similar Visa GreenCard was launched in the Netherlands in 2004 but this is the first card by the company which is available to UK consumers.
The company has joined forces with the organisation RePay International which is in charge of the international ClimaCount compensation program. This program hopes to make the items bought by European cardholders carbon neutral by investing in the planting of trees and sustainable energy.
The ClimaCount scheme has the backing of the Dutch Applied Science Institute and is also backed by NGO Conservation International. According to Visa the program will be supported by other businesses and various EU governments and is a vital step toward how we think about improving the environment.
How it works
In the scheme, each time that a charge is made to a Visa card, the carbon footprint left by that product or service is researched and this amount of emission is then offset by the ClimaCount compensation program. The information on emissions is monitored via a website and the program invests in schemes such as forestry and alternative, more renewable sources of energy.
Speaking about the new card, Luc Janssen, head of Visa Commercial said: "This new partnership means that we can offer members a 'green' payment capability across Europe that addresses the increasing demand for sustainable initiatives.
"It is also easy for member banks to get involved as they won't need to invest heavily in special back office functionality, as ClimaCount has that already in place."
Greener all round
The CEO of Repay International said the scheme would have real benefits for the environment.
He described the new card as "One of the next steps in broadening ClimaCount".
He went on to say that "RePay is fully committed and equipped to deliver our plug and play solution to Visa members all over Europe," which will mean that people can access real figures on their carbon footprint and by using the card automatically make some progress in repaying that emission-debt.
More and more credit card providers are starting to think ‘green’ with Barclaycard’s carbon-offset corporate charge card being launched last year and the Co-operative Bank also releasing a card which claimed to be greener by offering a lower rate of interest on purchases with certain ethical partners.
In the UK we’re slow on the take up, however! As long ago at 2006 Dutch company Rabobank launched a climate credit card which also gave funds to environmental projects. These funds were only accrued on purchases made on products and services which consumed energy during production, much like this new Visa card and the Rabobank card was a success.
Experts predict the new Visa card will be equally popular.
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