Offsetting carbon output in the financial sector and why it is more important than ever to include environmental protection in an action plan.
But we need to be clear that while carbon offsetting is not the knife we all think it is, it is the best the fintech industry has today. This is according to Jeremy Baber, CEO of Lanistar.
Environmental concerns are at an all-time high, according to his research round84% of customers would feel alienated from a brand or company with poor environmental practices, and products that are marketed as sustainable will grow 2.7 times faster than those that are not,” stated Jeremy Baber.
“Someone should be the first to take a stand against plastic waste. Our approach completely eliminates plant development, which already offsets our carbon production significantly, but a virtual card? This reduces our plastic waste to almost zero.”
Studies from institutions such as Dutch Central Bank It revealed that in 2015, the global warming potential of the country’s financial sector was 17 million kilograms of carbon dioxide equivalent (CO2e). The largest contributors to this number were point-of-sale terminals, followed by debit card payment processing centers and plastic card manufacturing.
“Basically, from the journey that we’ve started here, I imagine the rest of the world will want to follow. Moving in that direction, cutting plastics, is what it’s really about. We have access to the virtual environment, and financing can thrive on that,” Baber added.
“And if you’re adopting a green strategy, it’s really about taking plastic out of the equation completely and making sure you can still have the same functionality and capabilities, but in a virtual space.”
It is clear to see that, now more than ever, companies must consider their carbon footprint when putting together their business strategies. As awareness of the issue continues to grow and more measures are taken to try to reverse the effects of climate change, companies will likely need to adapt or be left behind.
Fintech startup Lanistar has taken this new wave of environmental awareness and fed it into its financial product. A 100% virtual payment card hosted on the Lanistar app, which can be used to pay for goods using technologies such as Google Pay for online and offline transactions.
The Lanistar app is currently available in Brazil, with plans to launch the product in the UK and Europe in 2023. Apple Pay functionality is also slated to become available to Lanistar app users in summer 2023, allowing iPhone users to get the most out of their virtual card experience. .