What is claimed to be the first current account designed for climate action has been launched. The account features a carbon tracking tool, biodegradable card, and will donate 1 per cent of account revenues to environmental non-profit partners.

US-based Bank of the West, a subsidiary of BNP Paribas, has partnered with environmental organisation 1% for the Planet in this latest move to support a more sustainable planet through policies and investment. It has already restricted the financing of fossil fuels, ‘big’ tobacco, palm oil and other activities harmful to the planet.

1% for the Planet is an international organisation whose members contribute at least one per cent of their annual sales to environmental causes.

"When you talk about climate change people are often at a loss as to what they can do personally to effect change," said Ben Stuart, chief marketing officer at Bank of the West. "The 1% for the Planet Account allows consumers not only to bank with a group that is progressive on energy policy and is striving to meet the demands of the Paris Accord, but also that donates one per cent of the account's revenue to address climate change at no cost to the consumer."

The carbon tracking tool, which will appear in the Bank of the West Mobile app for the 1% for the Planet Account, uses the Aland Index, a cloud-based service for carbon impact calculations, to provide a measurement of the potential carbon impact of purchases made with the debit card. The calculation is based on the merchant code, a code that indicates the types of goods or services a company provides, and the amount of the purchase. The actual carbon impact may be higher or lower than the measurement provided.

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