Mastercard is furthering its commitment to create a more sustainable and inclusive digital economy, with a pledge to reach net zero emissions by 2050.
Understanding that economic growth cannot come at the expense of the planet, the company’s global action plan aims to continue to reduce greenhouse gases (GHG) by remaining focused on the decarbonization of its operations and bolstering its efforts to decarbonize its supply chains.
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Mastercard’s net zero goal builds upon its existing GHG commitments that align with the Business Ambition for 1.5°C pledge. The first in the payments industry to gain Science Based Targets initiative (SBTi) approval for its GHG goals, Mastercard is currently working towards its SBTi-approved goal to reduce total Scope 1 and 2 emissions by 38% and Scope 3 emissions by 20% by 2025 from a 2016 baseline.
These targets reflect a long-term commitment by the company to monitor and implement best practices to reduce emissions across the business, drive operational energy efficiency, and further engage suppliers in value chain decarbonization. Progress already made towards these goals includes achieving 100% renewable electricity in 2020, reinforced by a commitment to RE100.
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“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 3-billion consumers to take collective action to preserve the environment,” said Kristina Kloberdanz, Chief Sustainability Officer, Mastercard. “By coming together, we can drive exponential impact.”
Mastercard is also mobilizing its technology, expertise, and trusted global partnerships network to lead on collective climate action, through innovative initiatives such as the Greener Payments Partnership and the Priceless Planet Coalition.
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