Published 2 years ago.
About a 3 minute read.
Image: Erdenebayar Bayansan/Pixabay
The first-of-its-kind direct measure of our everyday consumption’s water impacts — thanks to data from S&P Global Trucost — aims to create a greater consumer understanding of the importance of water locally, nationally and
This week, just ahead of World Oceans Day (June 8), Doconomy has
expanded its tools for engaging consumers and financial institutions around the
climate impacts of their day-to-day spending and consumption to include their
impacts on freshwater resources.
Doconomy’s current Åland Index CO~2~ methodology — which provides users with
carbon footprint calculations for every financial transaction — will now provide
freshwater calculations, as well. With MIT
projecting that half of the world’s population will live in water-stressed areas
by 2050, this first-of-its-kind direct measure of our everyday consumption’s
water impacts aims to create a greater understanding of the importance of water
locally, nationally and globally — and help all daily users of the financial
services industry understand that our every action has a reaction, visible or
“Reducing carbon emissions needs to be prioritized by all parties. At Doconomy,
we are proud to engage and educate around our lifestyle’s impact on the planet,”
says founder and CEO Mathias Wikström. “Until now, however, measuring impact
in H~2~O has been very difficult. Expanding Åland Index with the capability to
also measure freshwater expenditure is one of my proudest moments since the
Åland Index's launch in 2016. By adding H~2~O data to our current CO~2~ methodology,
we enable banks to expand their sustainability efforts, to turn water that is
invisible to the consumer visible in every transaction.”
The freshwater-impact data rounds out Doconomy’s arsenal of tools helping people
around the world understand the impact of their purchases. In 2019, the Swedish
impact-tech startup teamed up with
Mastercard to release
— a credit card and free mobile banking service that lets users track,
understand and reduce their CO~2~ footprints through carbon offsetting. Then, last
summer, the company released the 2030
— another free tool, which enables fast and reliable product carbon footprint
calculations for brands and manufacturers.
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Now, Doconomy says that enabling consumers to track and measure the freshwater
impact of their consumption is crucial for more fully educating them around our
interconnectivity with the planet and our impacts on it. The Åland Index water
impact calculations — made possible through data from Doconomy’s partner, S&P
Global Trucost — are being recognized by
leading banks, as well as by the UN.
“Raising awareness around the water challenge is key to delivering on the Global
Goals. Sustainable water usage and healthy oceans is a critical ingredient of a
prosperous global economy,” says Eric Usher, Head of the UN Environment
Programme Finance Initiative (UNEP FI). “Therefore, supporting banks and
the financial sector to engage consumers in tracking and measuring their water
footprint is an excellent way to start driving demand for products and services
with a low water footprint. I welcome this initiative by Doconomy and all banks
that aim to mobilize their users around this important issue.”
The water calculations include direct and indirect water use from consumption,
as well as the social price of water — which reflects the price of freshwater
consumption based on lost ecosystem
and the impact on human
They will initially be implemented by three leading banks with the ambition to
engage their users: BNP Paribas Bank Polska, Standard
Chartered and Ålandsbanken.
Learn more about the Åland Index and the new water-impact calculations
Published Jun 2, 2021 8am EDT / 5am PDT / 1pm BST / 2pm CEST