Eco-nomic: Mastercard pledges to be carbon neutral by 2050

By Aisling Finn on Wednesday 27 January 2021

Digital Banking

Mastercard has already achieved 100 per cent renewable electricity across its supply chain. 

Eco-nomic: Mastercard pledges to be carbon neutral by 2050
Image source: Kristina Kloberdanz/Mastercard

Mastercard has doubled down on becoming more sustainable and makes an eco-friendly promise to be carbon neutral by 2050.

The payments giant, which is also planning a fee hike for using its payments infrastructure, is planning to reduce its consumption of greenhouse gasses by making its whole supply chain more environmentally friendly.

In 2020, Mastercard says it used 100 per cent renewable electricity across its 180 locations worldwide, mostly due to its commitment to RE100, a global corporate renewable energy initiative committed to helping companies worldwide use 100 per cent renewable electricity. 

Kristina Kloberdanz, chief sustainability officer at Mastercard, 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 is 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 3-billion consumers to take collective action to preserve the environment.”

Every Mastercard-owned office in the US is fitted with solar panels and all offices across the globe are Leadership in Energy and Environmental Design certified, meaning that they were designed and built using strategies that saved energy, water, reduced CO₂ emissions and improved the indoor environmental quality.

Alexander Farsan, global lead on Science-Based Targets initiative (SBTi) at WWF, said: "Mastercard has shown real climate leadership by setting science-based targets and it's great to see they have walked the talk and delivered significant emissions reductions since setting their targets.”

“At the SBTi, we look forward to more companies following in the footsteps of Mastercard and using science-based-targets as a valuable tool to make meaningful progress towards a zero-carbon economy."

As well as pledging to achieve net-zero emissions by 2050, Mastercard has also promised to reduce emissions across its entire supply chain in line with 1.5 ºC, below the threshold of the Paris Agreement which hopes to reduce global emissions by 2ºC.

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