Mastercard to accelerate net zero plans

Mastercard is accelerating its net zero timeline by a decade, from 2050 to 2040, as world leaders continue to discuss net targets at COP26.

The multinational, which transitioned to 100% renewable energy in 2018 in its operations, is also driving its sustainable solutions across geographies in Europe and Latin America.

Banco de Costa Rica, ekko, Gránit Bank, and Sberbank, have all signed on to adopt the Mastercard Carbon Calculator, according to the company.

Mastercard said it aims to encourage tangible action by people using its cards across the globe and this includes encouraging banks to offer their consumers digital tools that drive climate-conscious choices, as well as 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 at Mastercard.

“We will also use our technology and global network to inspire collective action that fosters a more sustainable digital economy,” he added.

Its carbon calculator was embedded across Mastercard’s global network earlier this year.

Its banking partners will now be able to define its customer experience in easy-to-use ways, integrating donation functionality to support reforestation projects, for instance. Its sustainable card program and Priceless Planet Coalition have also been marked out by the company as methods through which it will accelerate its net zero timeline.

It has also made changes to its executive compensation model, linking it to three global ESG priorities including operational carbon neutrality.

In September, Mastercard joined a growing cohort of financials focusing their attention on climate-led start up financing. The company launched a sustainability innovation lab in Sweden.

The payment giant also said it aimed to support climate-focused fintech innovation through a cards and payments challenge and a start-up engagement program through a collaboration with Swedish fintech Doconomy.