Mastercard accelerates its decarbonization
timeline, committing to reach net zero by 2040;
Carbon Calculator gains strong adoption
throughout Europe and in Latin America
As world leaders come together for the UN Climate Change
Conference (COP26), Mastercard unveiled an acceleration of its net
zero timeline by a decade, from 2050 to 2040. It is also scaling
its sustainable solutions to customers across Europe and Latin
America, including Banco de Costa Rica, ekko, Gránit Bank, and
Sberbank, which have all signed on to adopt the Mastercard Carbon
Calculator.
As part of its net zero strategy, Mastercard had already
committed to meet its existing science-based targets (SBTi) for
greenhouse gas reduction, which are aligned to the United Nations
Business Ambition for a 1.5°C future. The company transitioned to
100% renewable energy in 2018 for its operations, and its emission
reduction strategy primarily centers on further decarbonization
across its value chain, including Scopes 1, 2 & 3
emissions.
Mastercard has received an “A” rating for Supplier Engagement
since 2018 from CDP (formerly Carbon Disclosure Project) and joined
the 1.5°C Supply Chain Leaders Initiative, supporting large and
small suppliers with concrete resources and tools for measuring
their emissions and developing climate strategies through the SME
Climate Hub.
Supported by its new global Sustainability Innovation Lab, the
company aims to encourage tangible action by people who use its 2.9
billion cards across the globe. This includes helping banks offer
their consumers digital tools, such as the Mastercard Carbon
Calculator, that encourage climate-conscious choices, and cards
made from more sustainable materials.
“Tackling the global climate crisis will take all of us – and
major businesses have a vital role to play. At Mastercard, we
continue to raise the bar for ourselves, accelerating our
commitment to reach net zero emissions,” said Michael Miebach,
chief executive officer, Mastercard. “We will also use our
technology and global network to inspire collective action that
fosters a more sustainable digital economy.”
Enabling sustainable consumer choice
According to a recent Mastercard survey, 85% of respondents
globally said they’re willing to take personal action to combat
environmental and sustainability challenges in 2021. New research
from Mastercard also shows our society is now at an inflection
point in both the supply and demand for sustainable options.
- Mastercard is helping inform consumers about the environmental
impact of their spending through the Mastercard Carbon
Calculator, created in collaboration with Swedish fintech
Doconomy. Embedded across Mastercard’s global network earlier this
year, the Carbon Calculator will now be adopted by leading banking
partners – both traditional financial institutions and emerging
fintechs – in markets around the world, including Banco de Costa
Rica, ekko, Gránit Bank, and Sberbank. Together with Mastercard,
each partner will co-create and define its customer experience,
such as enhancing it with relatable and easy-to-understand
equivalents (such as the number of trees required to compensate for
the same amount of CO2), integrating donation functionality to
support reforestation projects, and providing tips about
sustainable living.
- Mastercard’s sustainable cards program shows strong
momentum: 148 financial institutions in 46 countries have now
issued cards made with more sustainable materials, including HSBC
and Banco Santander, as we look to reduce the use of first-use PVC
plastic in card manufacturing. The company also recently unveiled a
first-of-its kind badge to identify these cards made more
sustainably from recyclable, recycled, bio-sourced, chlorine-free
or ocean plastics.
- Through the Priceless Planet Coalition, Mastercard and
its partner network also continue to offer easy ways for consumers
to contribute to forest restoration. Uniting more than 80
businesses globally in the restoration of 100 million trees, the
Coalition now has multiple consumer engagement campaigns running
across markets to generate donations to the environment. The
Coalition’s restoration partners, Conservation International and
World Resources Institute, have also broken ground in key project
locations.
To help accelerate progress toward Mastercard’s sustainability
goals, the company made changes to its executive compensation
model, linking it to three global ESG priorities including
operational carbon neutrality. Mastercard also showed progress in
2020 against its existing 1.5°C SBTi-approved targets, including a
Scope 1 & 2 reduction of 44% and Scope 3 reduction of 57%
against a 2016 baseline, and was recently awarded for Supply Chain
Leadership from the Climate Leadership Conference.
Quote sheet
Todd Stern, Former Special Envoy for Climate Change, the US’s
chief negotiator for the 2015 Paris Climate Agreement, and
Priceless Planet Coalition Advisor: “COP26 is an enormously
important event as world leaders come together, but the action that
follows is even more crucial. Businesses can play an important role
by stepping up their own pledges and delivering on the demand from
consumers for more green products and solutions. We need bold
commitments and even bolder actions. The work Mastercard and its
partners are doing through the Priceless Planet Coalition and with
the Carbon Calculator will empower more consumers to contribute to
tackling climate change.”
Banco de Costa Rica, Guillermo Gayle Monge, Head of
Payments: “Costa Rica is a world icon as a green country and
Banco de Costa Rica as a state bank is fully committed to
environmental sustainability, we are proud to boost projects in
favor of the environment. We thank Mastercard for inviting us to be
part of the launch of the Carbon Calculator in LAC and give a hand
to our planet, mitigating all of us our carbon footprint.”
Doconomy, Mathias Wikstr�m, co-founder and CEO: “Doconomy
is proud to work with Mastercard, contributing through the Åland
Index methodology for the Carbon Calculator and the set-up of the
Sustainability Innovation Lab. This is a strong foundation to
enable everyone to contribute to much needed climate action.
Mastercard continues to lead the way for their industry.”
ekko, Oli Cook, co-founder and CEO: “As the world’s
leaders come together at COP26 to advocate collaborative action, so
starts our own journey. We are excited to introduce ekko to the
world and offer people a greener way to pay. From collecting ocean
bound plastic to global reforestation, together with Mastercard we
will help our customers live more sustainably and become more aware
of the carbon footprint of what they consume by doing nothing other
than using their ekko card.”
GRÁNIT Bank, Eva Hegedüs, chairperson and CEO:
”Businesses need to use their resources to drive meaningful change
for the planet. At GRÁNIT Bank we support every sustainability
effort wholeheartedly. From the very beginning, it has been our
mission to inspire the customers’ minds and hearts towards
sustainability and to make the planet-friendly living possible. For
this work, GRÁNIT Bank has received several accolades, (e.g. Green
Financial Innovator Prize awarded by the National Bank of Hungary),
but the greatest prize of all is our planet that we can save for
future generations. To this end, the Bank will shortly launch a new
innovative function in its mobile banking application: the carbon
calculator will enable users to measure and reduce their carbon
footprint. It is a great honor to us that we have had the
opportunity to work together with Mastercard on this and on many
other innovative projects.”
Sberbank, Evgenia Tyurikova, Head of Sber Private
Banking: “In partnership with Mastercard, we work on the launch
of the Carbon Calculator. We want our business to drive meaningful
change around the world. The Mastercard Carbon Calculator will help
draw people's attention to environmental issues and increase their
level of engagement by providing them with tools to assess their
impact on the environment and the ability to neutralize this
impact.”
About Mastercard (NYSE: MA)
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.
www.mastercard.com
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Erin Goodhand Email: erin.goodhand@mastercard.com Tel:
646.659.8136
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