We remove the carbon our cards produce from the atmosphere
That includes emissions associated with our debit cards and wider payment processing from last year, and from now on. Which means those elements of our business are carbon neutral.
Last year, we committed to becoming net zero by 2030
This means we either remove or offset the emissions we generate as a business. As a technology company, 99% of our carbon footprint comes from our suppliers (what’s known as ‘scope 3’ emissions). So to achieve our goal, we have to take responsibility for the emissions our supply chain generates too.
Right now, a significant chunk of our carbon footprint comes from processing payments (around 10%)
These are all the emissions associated with issuing your debit card, and letting you spend with it. So when you tap to pay for a tube journey, or order a new top online, all of the energy needed to process that transaction generates carbon emissions.
This year we purchased carbon removals to cover the emissions from our debit cards and the spending on them from 2021
That’s the equivalent of removing 1,265tCO2e from the atmosphere. We’re purchasing reforestation removals in Kenya, from The International Small Group and Tree Planting Programme - TIST. This project has been carefully assessed by Watershed, to ensure that it is of the highest quality and impact.
This doesn’t cover the emissions associated with what our customers are buying. But it covers the carbon emissions associated with making that payment.
And, we’ll continue to purchase removals on an ongoing basis to remove all the emissions generated by our debit cards and payment processing
Now when you make a payment with your Monzo card, it's 100% carbon neutral.