The European Central Bank (ECB) conducted a study on the environmental impact of using banknotes, identifying 16 impact categories, with energy efficiency being a significant concern.
The study found that ATMs were the largest contributors to the environmental footprint of banknotes at 37%, followed closely by transportation at 35%.
Using the European Commission Product Environmental Footprint (PEF) methodology, the ECB report concluded that the annual cash usage per eurozone citizen equates to 101 micropoints, similar to driving a car for 8 kilometers.