Spend Sustainably: QIB Launches Carbon Tracker

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by KnowESG
KnowESG_Spend Sustainably: QIB Launches Carbon Tracker
Image courtesy of Mastercard

Qatar Islamic Bank (QIB), the forefront of digital banking in Qatar, has teamed up with Visa and ecolytiq, a global sustainability service solutions provider, to unveil a groundbreaking feature in its Mobile App—the Carbon Emission Tracker.

In a proactive measure against climate change, QIB has introduced the first-of-its-kind Carbon Emission Tracker feature, aiming to cultivate eco-friendly spending habits among its customers.

This cutting-edge feature sheds light on the carbon emissions associated with each card transaction, urging users to adopt more environmentally responsible financial practices.

By integrating climate insights and promoting sustainable consumption, the Carbon Emission Tracker aligns with QIB's dedication to collective responsibility in safeguarding the planet for future generations. Users can now monitor their transactions, receive guidance on responsible spending, and gain insights into their cumulative monthly carbon footprint.

Noteworthy features include eco-friendly spending tips, tracking monthly emissions, comparing values with previous months, refining specific transactions, and tailoring customer profiles based on individual lifestyles—ultimately contributing to a more accurate understanding of their carbon footprint impact.

This pioneering feature underscores QIB's leadership in digital banking, setting a precedent for financial institutions to prioritise environmental awareness in their services. As QIB advances on its sustainability journey, the Carbon Emission Tracker represents a significant stride toward offering customers a more eco-conscious banking experience.

D. Anand, QIB’s General Manager – Personal Banking Group, emphasised the importance of this milestone, stating, "The QIB Mobile App stands as the preferred banking channel for our customers, exemplifying our commitment to lead in digital banking through Environmental, Social, and Governance (ESG) principles."

Anand highlighted QIB's dedication to addressing current needs and investing in technology and innovation for an enhanced customer experience and a greener, more sustainable environment.

David Lais, ecolytiq Co-founder and Managing Director, acknowledged the significance of the partnership, noting, "This partnership marks a monumental shift in the market. Climate engagement in banking is coming to Qatar."

Lais expressed pride in assisting QIB and Visa in guiding customers through the environmental crisis and making sustainability a fundamental part of QIB's banking experience.

Visa's Country Manager in Qatar and Kuwait, Shashank Singh, commended QIB's groundbreaking achievement, stating, "We are delighted to acknowledge the groundbreaking achievement by QIB with the launch of the Carbon Emission Tracker Feature developed in partnership with ecolytiq."

Singh highlighted the initiative as a testament to QIB's dedication to transforming the digital banking sector with a strong focus on sustainability.

Earlier in 2023, QIB unveiled its third sustainability report, showcasing significant advancements in sustainability initiatives, including adopting the Equator Principles, making it the first and only bank in Qatar to do so. The report highlights proactive steps in managing climate-related risks and aligning with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

Available on App Store, Google Play, and Huawei AppGallery, the QIB Mobile App empowers customers with full control over their accounts, cards, and transactions. Customers can also remotely fulfill all their banking requirements, open new accounts, apply for personal financing or credit cards, and more, making QIB a pioneer in providing a comprehensive and sustainable banking experience.

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Source: QIB

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