Together with WWF, Rabobank launched a climate-neutral credit card in 2007. To make the climate neutrality of the card reliable and trustworthy, Rabobank needed a sound way to calculate the necessary compensation for all payments made with it. This resulted in a method to transpose any credit card spending into a standard amount of money to be invested in sustainable energy projects. For these investments, a proper scheme of criteria was required. The option of a climate-neutral credit card is expected to improve the relationship between the company and the card holder.
Rabobank had two methodologies for calculating carbon footprints resulting from credit card purchases. We evaluated these methodologies and recommended important improvements. We then looked into the life-cycle emissions data of different categories of credit card spending (the so-called MCC categories). By purchasing emission credits such as CDM (projects in developing countries) or from the EU Emissions Trade System, these emissions can be compensated. We recommended using WWF Gold Standard CDM credits or Rabobank investing in its own emission reduction projects, in order to ensure high-quality compensation.
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