Tuesday 2 February 2021

Mastercard pledges to go net zero by 2050

Mastercard has pledged to be a net zero business by 2050.

The financial services company is supporting a more sustainable and inclusive digital economy, aiming to reduce its greenhouse gas (GHG) emissions and lower the carbon footprint of its own operations, as well as its supply chains'.

It aims to reduce total Scope 1 and 2 emissions by 38% and Scope 3 emissions by 20% by 2025 and claims it is the first business within the financial services industry to achieve Science Based Targets initiative (SBTi) approval for its GHG goals.

The company announced it used 100% renewable electricity throughout 2020 and made a commitment to RE100. Data centres account for more than 50% of the company’s global energy usage and it has now fitted all of these with solar panels.

Kristina Kloberdanz, Chief Sustainability Officer, said: “2021 is set to be a crucial year for climate action, and we believe the private sector has a vital role to play in the transition to a zero-carbon economy. The quality of all our futures are deeply and inextricably linked to the health and well-being of our planet.

“That’s why, in addition to improving our own environmental footprint, we’re driving systemic change through powerful coalitions and empowering our network of nearly three billion consumers to take collective action to preserve the environment.”

Mastercard is also trying to kickstart change through its initiatives such as the Greener Payments Partnership and the Priceless Planet Coalition. These include working with banks, merchants and other industry partners to try and change their stance towards sustainability.