Commercial, GHG Emissions - November 8, 2021
Mastercard Accelerates Net Zero Target by a Decade
Mastercard announced Nov. 1 that it has accelerated its net zero target to 2040, a decade ahead of its previous 2050 ambition.
The finance company will scale its sustainable solutions offered to customers in Europe and Latin America through the Mastercard Carbon Calculator, which encourages climate-conscious consumer choices by informing consumers about the environmental impact of their spending. Banking partners around the world, including Banco de Costa Rica, ekko, Gránit Bank, and Sberbank, will adopt the platform to serve its customers with information about carbon equivalents for purchases and reforestation donation options.
Consumers also have opportunities to use cards made from sustainable materials and contribute to the Priceless Planet Coalition, which works on forest restoration.
“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,” Michael Miebach, chief executive officer at Mastercard, said in a statement. “We will also use our technology and global network to inspire collective action that fosters a more sustainable digital economy.”
Previous milestones that Mastercard reached include transitioning to 100% renewable energy use in its operations in 2018 and establishing science-based targets to decarbonize its entire value chain. The company also linked its executive compensation to its sustainability goals and in 2020 reduced Scope 1 and 2 emissions by 44% and Scope 3 emissions by 57% since 2016.
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