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. 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 percent and Scope 3 emissions by 20 percent by 2025 from a 2016 baseline.
These targets reflect a longterm 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 percent renewable electricity in 2020, reinforced by a commitment to RE100. “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 zerocarbon 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.
Mastercard is initially focusing on two priority areas to make progress against its emissions targets – decarbonizing its own operations and leading on supplier sustainability. Mastercard operates close to 180 facilities across the world and is prioritizing renewable energy and energy efficiency programs, including the expanded use of solar panels in data centers, which account for more than 50 percent of energy usage across the company. Currently all Mastercard owned properties in the US are fitted with solar panels and all owned properties across the world are LEED certified. Taking an innovative and collaborative approach to supplier sustainability has made Mastercard a leader in the field, recently maintaining an “A” rating for Supplier Engagement from CDP. Emissions associated with the company’s supply chain (as measured at the end of 2020) amount to more than 70 percent of the total carbon footprint. As such, continued support with setting and achieving GHG goals will be provided to suppliers.
