Canadian bank has already launched a credit card that tracks the carbon emissions of its customers…
Financial institution Vancity has launched a credit card that links purchases to carbon emissions and allows customers to compare their monthly carbon footprint with the national average .
The move comes amid concerns that such a program could one day be used to curb purchases, but Vancity claims it's simply an effort by the credit union to further its climate action.
Summit News reports: The bank will advise customers on how to reduce their carbon footprint.
"We know that many Vancity members are looking for ways to reduce their impact on the environment, particularly when it comes to climate change emissions," said Jonathan Fowlie, Vancity Director of External Relations.
“As a financial co-operative, we believe it is our job to do what we can to help, especially when it comes to decisions people make with their money. This tool will equip Vancity Visa credit cardholders with valuable information about their purchases and enable them to connect their everyday spending decisions with their climate action.”
According to research conducted by Visa itself, more than 50% of Canadians are interested in tracking their carbon footprint.
In October, Australia's Commonwealth Bank (CBA) also announced a similar scheme, allowing a customer to 'pay a fee' to offset their carbon footprint, with the average reported at 1,280kg, far from "sustainable" number of 200 kg.
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One such proposal was presented in the scientific journal Nature by four environmental "experts" as a means of reducing global carbon emissions.
Everyone will be issued with a "carbon allowance card" "which will mean that all adults will receive an equal tradable carbon allowance which will reduce over time in line with national [carbon] targets".
The authors make it clear that the program will be a "national mandatory policy".
Carbon credits will be "taken out of the personal budget with every payment for transport fuel, home heating fuel and electricity bills" but also anything that exceeds the carbon allowance. Those who exceed the allowed limit will be forced to buy additional units from those who still have them.”
This of course will only negatively affect the poorest people, with the rich being able to buy carbon credits in abundance and still enjoy their lavish lifestyles.