Åland Index
Åland Index is the most advanced transaction-based impact calculation tool on the market, covering more than 50+ unique intensity factors and live in 25+ markets. The Index follows a consistent, relevant, and reliable methodology.
Activating your cardholders in Climate Action.
Climate change is one of the most pressing matters of our time. That is why it is vital to educate consumers on how their consumption affects the planet and encourage them to take action. Doconomy’s Åland Index enables banks and FinTechs to empower their consumers by integrating carbon footprint insights into digital payment services.
Doconomy calculates the effects of financial transactions for climate change in terms of grams of carbon dioxide equivalents, CO₂e.
How do the calculations work?
The footprint of a transaction is calculated using the transaction amount and category with its corresponding intensity factor. To do this, the transaction must first be linked to the industrial sector it was performed in. Åland Index is based on sector average intensity factors, and with over 50+ sector intensities the index covers the most common sectors in which consumers buy goods and services.
Our calculations require a simple but powerful process.
- The consumer makes a payment.
- Their bank sends the amount, currency, date and classification (DoCC or MCC) of the transaction to the API.
- Each transaction is mapped to a Doconomy Category. The API receives and calculates the footprint by multiplying the amount spent with the intensity factor for the given Doconomy Category.
- The API returns the footprint of the transaction in grams CO2e.
- The footprint can be visualized to the end customer in a preferred form: Mobile banking apps, online banking platforms, credit card statements, or monthly bills may all display the result.
For more information about the calculations used and the data behind them, we have a methodology handbook available - To get access, please contact us