Leading organisations in the UK’s cash sector have signed up to a charter establishing ambitious net zero emissions goals and plastic use targets. Following the Sustainability Charter created by the International Currency Association in late 2020, the industry is taking another step towards a greener future for cash.
All payment options have a carbon footprint. Most credit and debit cards are made from PVC plastic that contains oil and is non-biodegradable, retaining its form for decades and eventually breaking down into harmful microplastics. Bitcoin is estimated to use more electricity in a year than the whole of Argentina. Cash requires an extensive infrastructure—from manufacturing through to delivery into people’s hands—and industry leaders are recognising their responsibility to ensure their operations use resources minimally and efficiently.
Members of the International Currency Association led the way in September 2020, signing up to a charter that emphasises corporate social responsibility and sustainable development. It includes requirements to promote adoption of Circular Economy principles—specifically designing waste and pollution out of production processes and integrating sustainability goals throughout organisations—and decreasing emissions in the cash cycle by supporting new technologies with low carbon requirements, and increasing use of renewable energy.
