Mastercard, Citibank Form Coalition to Act on Climate Change
January 17 2020 - 9:46AM
Dow Jones News
By Maitane Sardon
Mastercard Inc. (MA) said Friday that it is launching a
coalition with other corporate partners to make investments into
sustainable projects, as part as its goal to help tackle climate
change.
The initiative, called the Priceless Planet Coalition, was
founded in collaboration with Citigroup Inc.'s (C) subsidiary
Citibank, Santander U.K., IHS Markit Ltd. (INFO), Saks Fifth
Avenue, the New York Metropolitan Transportation Authority and
American Airlines Group Inc. (AAL) among others, and plans to plant
100 million trees over the next five years.
Reforestation programs are an effective way to fight climate
change, according to the United Nations' Intergovernmental Panel on
Climate Change. Limiting the rise in average temperature to 1.5
degrees Celsius by 2030 will require an extra 1 billion hectares of
trees, the IPCC said in a report.
"No matter who you are or what you do, climate change affects
you. But it has the biggest negative impact on those who are
socially and economically vulnerable," said Ajay Banga, president
and chief executive officer of Mastercard. "Our best chance at
changing the course we're on and setting us all up for better
futures is for companies and consumers to pull in the same
direction towards a shared goal."
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
January 17, 2020 09:31 ET (14:31 GMT)
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