Wednesday 7 April 2021

PayPal commits to net zero emissions by 2040

PayPal has committed to achieving net zero greenhouse gas (GHG) emissions by 2040.

The online payments company has announced a new set of science-based targets to build on its previous pledges that were validated by the Science-Based Targets Initiative.

Its medium-term goals are to use 100% renewable energy sources to power its data centres by 2023, achieve a 25% reduction in its operational GHG emissions from 2019 figures by 2025 and for 75% of its suppliers to adopt science-based targets by 2025.

In 2020, the company had its data centres powered by 98% renewable energy, which was a large increase from the 65% seen in 2019.

The company also offset its emissions with reforestation projects across South America and bought more fuel-efficient cooking stoves for families in Mexico.

Chief Technology Officer, Sri Shivananda, commented: “At PayPal, we understand that achieving climate stability is vital to fulfilling our mission to drive financial health and inclusion for all global citizens.

“Environmental sustainability is critical when it comes to managing our impact, mobilising our workforce, and driving innovation on our platform.”