We live in a world that is constantly changing, in a society that is increasing its awareness of the impact we have on Earth. People have never been more attentive to the way their products are made by, by whom and how salaries are paid. Because of people's willingness to consume responsibly, we have seen development of several labels certifying a certain quality to the product sold.
These practices are starting to extend beyond consumable products. We will see in this article different labels advocating sustainable consumption, as well as new trends across the banking system and growth of ethical payment.
For several years, we have seen the development of different labels guaranteeing the ethical values we know. We will here make a quick overview of some labels
Created in 1992 by the European Commission, the Ecolabel is a set of specifications that includes 22 mandatory criteria in terms of reduction of energy consumption, ethical management (environmental management, employee training, user information, etc) and quality of life (promotion of ecological transport, enhancement of local heritage, etc.)
A product that is Fairtrade certified by FLO International, which is the guarantor of the label, is a product that financially supports the communities of farmers and workers through a minimum premium. The label also takes into account a number of ecological criteria. The Fairtrade label ensures that employees are paid a decent wage, that there is no child labor, no discrimination and that social standards are respected.
Founded in 2006, the B corp (Benefit corporation) certification is awarded to for-profit companies that meet environmental and social, management and public accountability requirements. The label certifies that the company is making a difference in the world and is profitable. B Corp is a label that guarantees that the company is committed to the common good. All these labels ensure an ethical consumption of the labeled products.
However, there is still a shadowy side in some sectors. That of banks or payment do not play the game. What if Ethical payment was possible ?
The fact is that, traditional banks do not propose (or very few) alternatives in order to continue in a responsible approach for its customer. This is why we have seen the emergence of eco-banks in the last few years.
An eco-bank, also known as an eco-responsible bank, is a bank that is committed to the protection of the environment and human rights through better banking practices. These environmental and social best practices include :
The savings deposits of depositors, through currents accounts, savings and investments, constitute the first source of greenhouse gas emissions in the world. Moreover, in their quest for short-term profit, traditional banks invest in fossil fuels and heavy industries that pollute. Because of these carbon investments, French banks are taking the world towards a global warming of +4°C, warns the NGO Oxfam France. It is therefore urgent to make finance ethical and supportive to avoid an irreversible degradation of the climate and biodiversity.
Founded in 2019, Retreeb is a blockchain-based fintech is developing a decentralized, simple, and ethical mobile payment method.
We offer a consumer-facing, open, permissionless, and free payment service relying on a multi-local stablecoin network and Fantom's infrastructure. Our solution empowers users to make choices in accordance with the universal values of ethics, sharing and solidarity.
Retreeb show a new model of value redistribution - a novel paradigm that reinvents payments systems in line with the needs of sustainable world. The world of tomorrow.
33% of Retreeb's profit are donated to charity projects and associations. This is the first financial institution that connect its business performance to its social contribution.
And the cherry on the cake is that these projects are choosen by the user in-App.
For merchants :
For the users :
Built for mainstream adoption, our mobile app makes blockchain seamless - neither users nor merchants necessarily even need to know that we use DLT.
You can find our solution for each merchant profile :