Behind every note and coin lies a supply chain powered by energy—mining metals, spinning cotton fibres, producing polymers, running heavy presses, transporting notes to banks and ATMs. Each stage draws from the global energy system, and each stage emits. Understanding and addressing this carbon footprint is one of the biggest sustainability challenges for the currency industry.
Studies suggest that the energy burden of coins is particularly high, driven by metal extraction and smelting. Aluminium, copper, and nickel are energy-intensive to process, and while coins last decades, their production is costly upfront in emissions. By contrast, polymer notes consume less energy in daily use but rely on oil-derived feedstocks. Cotton-based paper demands water and pesticides but less fossil fuel energy in its production phase. The challenge is not to vilify one form of money over another but to optimise energy use across all stages.
Transport adds another layer. Moving tonnes of currency from central printing facilities to distribution points requires fleets of armoured vehicles, often powered by diesel. Cold storage of printing inks and climate control in facilities further add to the energy bill. Each detail, invisible to the public, matters when aggregated across billions of notes and coins in circulation.
Several central banks are now commissioning full lifecycle assessments (LCAs) of their currency. These studies quantify emissions from “cradle to grave”—from raw material extraction to disposal or recycling. The Bank of England, for example, found that switching from cotton to polymer reduced carbon emissions by around 16% per note when measured over its extended lifespan. Such evidence shapes procurement choices and pushes suppliers to innovate.
Renewable integration is accelerating. Facilities in Europe and Asia are shifting to solar and wind power, while others are experimenting with bioenergy. Electrification of currency transport fleets is emerging as a tangible way to cut emissions, though security constraints—such as the need for long range and heavy loads—mean diesel is still dominant. Hybrid fleets may provide the bridge.
Offsetting remains contentious. Some mints and printworks have experimented with carbon offset schemes, planting trees or purchasing carbon credits. While useful, offsets are no substitute for structural change. The priority must be reducing emissions at source through energy efficiency, electrification, and cleaner materials.
Looking forward, the conversation will widen to digital infrastructure. Even as physical cash remains essential, the digital payments ecosystem consumes vast energy—data centres powering real-time transactions often eclipse the energy use of cash distribution. A balanced debate must compare like with like: if cash is scrutinised for emissions, so too must its alternatives be.
For the ICA, this balance is key. By tracking emissions honestly, promoting lifecycle studies, and highlighting energy-saving practices, the industry can demonstrate leadership. Trust in money is not only about what is printed on a note or stamped on a coin—it is about the systems that deliver it. And in the 21st century, those systems must prove they can run on cleaner, smarter energy.
