SAN JOSE, Calif., April 27, 2021 /PRNewswire/ -- PayPal
Holdings, Inc. (NASDAQ: PYPL) today released its fourth annual
Global Impact Report, which highlights the company's key
environmental, social and governance (ESG) strategies, activities
and progress during the last year.
The COVID-19 pandemic posed unprecedented challenges for the
global community, resulting in economic hardships that impacted
millions of individuals and businesses. Guided by a mission to
build an inclusive economy for all people, 2020 was a pivotal year
for PayPal to take action. Through the strength and scale of its
platform, and guided by committed leadership, the company launched
products and initiatives to support stakeholders in their time of
need, accelerate a responsible transition to the digital economy
and begin building towards an inclusive recovery.
"Business leaders can no longer claim that profit and purpose
are at odds with each other – the reality is that they are mutually
reinforcing, and a multi-stakeholder approach is increasingly
essential to scale innovation and impact," said Dan Schulman, president and CEO of PayPal. "We
must work together and develop new opportunities to collaborate
across the public, private and nonprofit sectors to advance our
shared ESG priorities. This sense of collaboration and purpose
informs all of our actions at PayPal."
On the heels of a challenging and transformative year, PayPal's
2020 Global Impact Report outlines the significant progress the
company has made to power an equitable and inclusive economy,
including improving the financial lives of its employees, customers
and communities impacted by COVID-19; improving racial equity and
social justice; fostering the generosity of its community; and
addressing its climate impact.
Supporting Employees, Customers and Communities
PayPal took swift and consistent action to support its
stakeholders during the COVID-19 pandemic. The company prioritized
the physical, mental and financial wellness of its employees,
including instituting a global remote work policy, providing
additional financial support where needed and launching a global
crisis leave program to provide additional paid time off. For
customers, PayPal supported the U.S. Treasury's stimulus check
distribution through direct deposit into PayPal and Venmo accounts,
and waived check-cashing fees. In partnership with the U.S. Small
Business Administration, PayPal provided access to over
$2 billion in loans through the
Paycheck Protection Program (PPP) to help small businesses in need.
PayPal is also committed to supporting community relief efforts
through new employee giving programs, fundraising campaigns and
donations. For example, the company contributed $5 million to fund free Uber rides to vaccination
sites.
Taking Action for Racial Equity and Social Justice
In 2020, the company introduced a $535
million commitment to address racial economic inequality in
the U.S. and help close the racial wealth gap. As of February 2021, more than $300 million has been deployed to provide grants
to nearly 1,400 Black-owned small businesses; support 20 nonprofit
partners providing on-the-ground help to Black-owned small
businesses; invest in Black and Latinx-led community banks, credit
unions and early-stage investment funds; and drive diversity,
inclusion and thought leadership initiatives at PayPal. The company
also continues to stand up for voting rights. PayPal was a founding
member of the Time to Vote movement focused on encouraging U.S.
companies to give their employees time off to vote, and in 2020,
the coalition grew to over 2,000 companies representing 9.5 million
workers.
Enabling Record Philanthropic Giving and Community
Support
In a year marked by economic hardship, the PayPal community
demonstrated a historic level of generosity towards causes they
care about and raised mission-critical funds for charities on the
frontlines of the pandemic. In 2020, the PayPal platform enabled
more than 50 million donors to contribute nearly $17 billion to more than one million nonprofits,
schools, campaigns and crowdfunders. After witnessing the growth of
peer-to-peer fundraising during the pandemic, PayPal launched the
Generosity Network, a new giving platform that enables customers in
the U.S. to create customized campaigns to raise money for
individuals and organizations in need.
Taking Ambitious Climate Action
Achieving climate stability is vital to PayPal's mission of
financial health and inclusion for all. The company is committed to
addressing its greenhouse gas emissions and has pledged to reach
net zero emissions by 2040. The company's medium-term goals include
achieving 100% renewable energy sources to power its data centers
by 2023; a 25% reduction of operational greenhouse gas emissions by
2025, from a 2019 base year; and engaging 75% of its suppliers by
spend to adopt science-based targets by 2025. In 2020, PayPal made
significant progress towards its goals and matched 98% of the
energy in its data centers with renewable generation. PayPal's
emission reduction goals have been validated by the Science Based
Targets initiative.
To read the 2020 report, please visit paypal.com/impact.
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 375 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information,
visit paypal.com.
Media Relations
Tiffany Peng
tipeng@paypal.com
Janine Kamwene
jkamwene@paypal.com
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SOURCE PayPal Holdings, Inc.