Rethinking money: rewarding environmentally sustainable consumption

Rethinking money: rewarding environmentally sustainable consumption
© iStock/RomoloTavani

Impak, a web and mobile platform of sustainable companies, has launched in Paris and is rewarding environmentally sustainable consumption with their Impak coins.

Impak began in Montreal in 2018 and is a platform for qualified companies who they determine as having a positive social and environmental impact to prioritise and reward environmentally sustainable consumption. The aim of Impak is: “Rethinking money for a fairer economy and healthier planet.”

Rewarding sustainable consumers and companies

The Impak network has a rigorous qualification process automated to give consumers, businesses, and investors access to a network of companies which offer socially and environmentally sustainable consumption of products and services. Their qualification tool is an automated process by a machine learning algorithm which has determined over eleven thousand socially and environmentally friendly companies.

Impak said: “These entrepreneurs know that climate change affects everyone, and that social inequalities have never been greater. So they take action, like your local eco-friendly and zero waste café, offering solutions that also enable us to do our part.”

Consumers are rewarded with impak coins for every purchase they make in fiat currency (major world currencies backed by the government).

According to Impak, some of the benefits of the impak community are:

    • Connection with responsible investors and responsible consumers
    • Access to a free loyalty program with impak coin rewards
    • Impak coin rewards with every purchase
    • Measurement and traceability of investment impact levels thanks to blockchain

Meeting UN goals with environmentally sustainable consumption

The impak qualification tool is based on the Impact Management Project’s international standards and the UN’s seventeen sustainable development goals.

The UN’s sustainable development goals are:

  1. No poverty
  2. Zero hunger
  3. Good health and well-being
  4. Quality education
  5. Gender equality
  6. Clean water and sanitation
  7. Affordable and clean energy
  8. Decent work and economic growth
  9. Industry, innovation and infrastructure
  10. Reduced inequalities
  11. Sustainable cities and communities
  12. Responsible production and consumption
  13. Climate action
  14. Life below water
  15. Life on land
  16. Peace, justice and strong institutions
  17. Partnerships for the goals
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