Last August Canadian fintech Mogo announced that they would plant a carbon-sucking tree every time a Mogo Visa Platinum Prepaid Card tapped it. Last week they announced that they have reached the one million trees milestone in partnership with Vancouver-based reforestation platform, veritree.
The achievement is a testament to the Mogo community, who turn their spending into climate action by enabling one tree to be planted every time they make a purchase with their MogoCard. The one million trees have been planted in Canada and Kenya.
Going beyond reducing CO2 emissions to actually sequestering them from the atmosphere — a central benefit of tree planting — is essential to meet the Paris Agreement’s climate targets of limiting global warming to 1.5 degrees Celsius, according to the most recent report from the United Nations’ Intergovernmental Panel on Climate Change.
“One way to stop climate change is by eliminating our carbon footprint and reaching net zero. With an estimated three billion people vulnerable to its effects, climate change is one of the most significant social issues of our time. Reaching net zero is a goal every Canadian can strive for, and Mogo is proud to be making this goal more achievable than ever,” said David Feller, Mogo’s Founder and CEO.
“How we spend determines both our level of wealth and our carbon footprint. By using the MogoCard, Canadians are not only in better control of their money while striving for financial freedom, they are fighting climate change. Reaching this milestone and planting more than one million trees is proof that Canadians don’t just want to build wealth; Canadians are serious about taking climate action and will choose products that enable them to have a positive impact and build a better future.”
veritree is a restoration technology platform that works with planting partners to design, track, and verify global reforestation efforts. Combining real-time project monitoring and data collection with a blockchain-based accounting system, veritree helps scale tree planting while validating its impact.