By Eyo Nsima
Standard Chartered Bank has announced the global launch of its carbon neutral credit and debit cards. From November 2021, all new credit and debit cards ordered across its markets will be part of the carbon neutral programme, developed in partnership with Thales, the Bank’s card manufacturing partner. This initiative builds on Standard Chartered’s commitment to sustainable and responsible banking.
The global roll-out follows the completion of two successful pilot schemes – the first of their kind in Asia – in Malaysia in November 2020 and Hong Kong in January 2021, as part of the Bank’s Smart credit card launch. In the last month, carbon neutral credit cards were launched in Bangladesh and Singapore.
With the carbon neutral programme, there is no need for card holders to proactively opt in or sign-up to play their part to reduce carbon emission. The programme is one of the many ways the Bank is taking action towards its commitment to accelerate the path to net zero. Taking into account the full life cycle of a card – from material extraction to end-of-life disposal – enrolling three million cards the Bank issues annually into the carbon neutral programme will bring 450 tonnes CO2eq (carbon dioxide equivalent) savings per year, translating to approximately 15 million plastic bags. All cards will carry a carbon neutral certification logo, in accordance with The Carbon Neutral Protocol, demonstrating their green credentials.
Vishu Ramachandran, Global Head, Personal and Business Banking, said: “Standard Chartered is committed to sustainable social and environmental development through our business, operations and communities. The global launch of our carbon neutral credit and debit card programme is one of many ways we introduce sustainable practices into our business. This initiative will also enable clients to participate in our journey towards reducing our global carbon footprint.”
Manoj Piplani, Global Head, Credit Cards and Personal Loans, said: “Standard Chartered has set ambitious goals to reduce emissions and bolster sustainability through how we operate and do business. Partnering with a like-minded organisation like Thales gives us the confidence that we are moving in the right direction towards building a better future for all.”
The partnership with Thales will enable Standard Chartered to contribute directly to six carbon offset programmes across Indonesia, Brazil, East Africa, Sub-Saharan Africa, the U.S., and the UK. For more information on the programme, click here.
Earlier this year, Standard Chartered partnered with Doconomy, a Sweden-based impact tech company, to introduce a digital tool that helps clients track, measure and manage the impact on carbon emissions and freshwater consumption based on goods and services they purchased, as identified through their credit and debit card transactions.
