Mastercard Launches Global Sustainability Innovation Lab
September 20 2021 - 2:00AM
Business Wire
Based in Stockholm, Sweden, the Lab will serve
as a global research and development center for climate conscious
digital products and solutions, and support impact-driven startups
and customers
Mastercard today announced the launch of its new Sustainability
Innovation Lab, which will spearhead the further development of the
company’s portfolio of environmentally conscious digital products
and solutions. The Lab will focus on ways to empower businesses and
consumers to transform how they produce, distribute and purchase
products and services, ensuring both people and the planet can
thrive as the global economy rapidly digitizes.
In support of the EU Green Deal, Mastercard selected Stockholm,
Sweden as the home of the global Lab – a location that has long
been at the forefront of sustainable innovation, with strong
consumer, political and business commitment to transitioning to a
green economy.
“Fostering innovative solutions with practical applications is
urgently needed to achieve global climate change goals,” says
Kristina Kloberdanz, Chief Sustainability Officer, Mastercard. “As
we continue to build a more sustainable digital economy, the
Sustainability Innovation Lab will enable us to co-create a robust
portfolio of environmentally friendly solutions, uniting everyone –
businesses and consumers alike – in climate action.”
Recognizing that consumption will have to shift to a more
sustainable paradigm in order to meet global carbon reduction
targets, Mastercard is reimagining the future of commerce by
collaborating on digital solutions designed to empower businesses,
governments and billions of consumers across its network to help
preserve the environment. The Lab will focus specifically on
solutions that enable sustainable spending, as more consumers want
to take action for the environment, as well as increase visibility
and traceability across value chains for producing products that
have a positive impact on both people and the planet.
Open innovation to drive sustainable impact
Mastercard has a track record of building partnerships with
startup innovators in the Nordics region, where the new Lab will be
based, having most recently collaborated with the Swedish fintech
Doconomy to create the Mastercard Carbon Calculator. Mastercard is
also nurturing climate-focused fintech innovation through the
Climate Fintech Cards & Payments Challenge and its Start Path
startup engagement program.
“Human activity has undoubtedly created the climate crisis and
it's ours to fix,” says Mathias Wikstr�m, CEO, Doconomy. “Working
with Mastercard and our partners across the world, we are confident
that innovation will help us address it. It is truly inspiring to
see the Sustainability Innovation Lab capabilities support
inclusive climate action by every bank in every market.”
Research and development within the Lab is already underway –
with dedicated Mastercard employees, startup partners and customers
– and the physical space will open in spring 2022.
The new Lab builds on Mastercard’s experience in impact-driven
innovation, in areas such as financial inclusion, and will explore
how technologies such as 5G, quantum and advanced AI can be applied
to address environmental challenges. It will consist of an
R&D Center focused on solutions for sustainable
consumption and value chains; a “Labs as a Service” platform
to convene partners and customers in the co-creation of sustainable
shared-value solutions; and a Mastercard Experience Center
for hands-on product demos and in-person engagement.
The Lab’s initial priorities include iterating on the Mastercard
Carbon Calculator feature, now embedded across the company’s global
network, ensuring that it is seamlessly implemented by customers –
with Doconomy team members based in the Lab to support. It will
also explore how Mastercard Provenance can continue to elevate
transparency not only for social impact, but also environmental
initiatives, such as enabling supply chain parties to make more
sustainable production decisions.
To further drive collective climate action, Mastercard continues
to make progress on its pledge to reach net zero by 2050, having
recently joined the 1.5°C Supply Chain Leaders initiative to
address emissions across its network of suppliers. And the company
has united more than 65 partners globally as part of the Priceless
Planet Coalition, which aims to restore 100 million trees.
About Mastercard, www.mastercard.com
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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version on businesswire.com: https://www.businesswire.com/news/home/20210919005045/en/
Philipp Brüchert Email: philipp.bruchert@mastercard.com Tel +32
2 352 52 58
Annika Kristersson Email: annika.kristersson@mastercard.com Tel:
+46 70 3173545
Erin Goodhand Email: erin.goodhand@mastercard.com Tel: +1 (646)
659-8136
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