A new eco-friendly 'GreenPay' credit card has been launched by Fintura Corporation, aiming to reward ecologically-conscious consumers for their loyalty by donating money toward the purchase and retirement of carbon credit offsets.
The new GreenPay MasterCard enables consumers to help regulate global warming with every card purchase. According to Andrew Mathieson, CEO and founder of Fintura Corporation, "We decided to do our part to reduce global warming by bringing to market an credit card programme to satisfy consumer demand for carbon neutrality. We understand this is a small step toward solving the climate crisis, but we believe we can increase public awareness and make a significant difference."
Consumers who obtain the GreenPay MasterCard credit card, issued by MetaBank, will automatically earn a new account activation bonus equivalent to 10,000 pounds of CO2 offsets (the average annual CO2 emission of a car in the US). These offsets will be retired upon the first purchase made using the card.
For every net US$1 spent using the GreenPay MasterCard credit card, 5 pounds of carbon dioxide (CO2) will be retired. To help the environment, for every net US$1 spent on gasoline and household utilities, 10 pounds of CO2 will be offset.
Carbon offsets acquired by GreenPay cardholders' spending activity will be applied to a growing number of diverse Chicago Climate Exchange (CCX) sanctioned offset programmes, ranging from agricultural, landfill and coal mine methane projects, to renewable energy and forestry projects, and agricultural and rangeland soil carbon management projects.
What's a carbon offset?
Carbon dioxide is a greenhouse gas that contributes to global warming. According to the US Environmental Protection Agency (EPA), the average American family of four accounts for over 35,000 pounds of CO2 annually. Carbon offsetting works by investing funds in sequestration or energy efficiency projects that absorb or prevent the release of a pound of CO2 equivalent to a consumer's carbon "footprint".
The carbon footprint is a measure of the impact human activities have on the environment in terms of the greenhouse gas emissions. Direct emissions of CO2 (known as "primary carbon footprints") come from domestic energy consumption such as using electricity, natural gas, and coal to cool and heat buildings, and petrol or diesel fuel. Indirect emissions ("secondary carbon footprints") are calculated from measuring the CO2 generated throughout a product's lifecycle, from manufacture to its eventual breakdown.