There is mounting consumer pressure for credit cards to become more environmentally sustainable.
Most consumers would not associate their credit card with environmental damage. Sure, they're made of plastic, but they're small and because they don't make a visible contribution, it's easy to remain oblivious to any environmental impact they may be having. While a single credit card has very little impact, collectively, the 14.2 million credit cards in Australia are leaving a big carbon footprint.
StatementsConsider the quantity of paper required to generate statements for each credit card account. One tree can make about 10,000 sheets of paper. If we assume a two-page monthly statement is generated for each account, every month, then statements alone consume over 34,000 trees annually in Australia. According to GreenFleet, that's the equivalent of 2,000 cars on the road each year, generating a total of 8,600 tonnes of greenhouse gases.
There are alternatives available. Most major banks offer electronic statements which can be viewed and downloaded from their Internet banking website. Online statements are faster and can be retrieved from anywhere in the world. They also save additional energy by not needing to be printed, mailed and transported.
Card materialsCredit cards are typically made from a plastic resin called polyvinyl chloride acetate (PVCA) which is resistant to organic decomposition and difficult to recycle. In addition, a variety of laminates, inks, dyes and other chemicals are used in their production.
Around 4.25 grams of petroleum is required in the manufacture of a card. In the production of the 14.2 million Australian credit cards (not including bank and debit cards) almost 400 barrels of oil were used.
Some card companies have begun implementing compostable PVC, biopolymer and PET plastic, which are easier to recycle and don't generate dioxins when broken down.
Eco reward programsGE Money have taken the initiative in eco-friendly reward programs offered in Australia with their
Eco MasterCard. Reward points earned on the card contribute to projects that offset greenhouse gas emissions through the Origin Energy Carbon Reduction Scheme. The funds are used for reforestation, renewable energy, water and wastewater treatment, land and habitat conservation, energy efficiency and other environmental projects.
Many other reward programs offer the option to redeem points as charitable contributions toward environmental organisations.
