Progressing the transition to a sustainable digital economy where everyone can prosper

In a world where tackling climate change simultaneously challenges us and encourages us to innovate, Mastercard is proud to leverage our commercial products, services and programs to help progress the transition to a sustainable digital economy where everyone can prosper.

As we conclude the first quarter of another pivotal year for progress in the fight against climate change, we are sharing the latest updates on our journey to embed sustainability into the heart of our business.  

Informing more sustainable choice

Information is power. When equipped with the right information, consumers can be empowered to make more conscious purchasing decisions. Mastercard developed the Carbon Calculator with Swedish fintech company Doconomy to help people track their carbon footprint and understand the environmental impact of their purchases.  Mastercard is working in partnership with Doconomy to develop greater granularity in Carbon Calculator scoring.

Connecting smallholder farmers to financing for clean energy assets

Mastercard Community Pass is a digital infrastructure platform that connects people in underserved, remote and frequently offline communities to critical services in the sectors of agriculture , health care and micro-commerce. In January, signed a collaboration agreement to register a pilot cohort of 100,000 smallholder farmers onto the Community Pass platform to increase their access to affordable credit for clean energy-powered equipment. In addition to improving productivity, market access and enabling clean energy technologies for farmers, this also make farmers’ operations safer and more sustainable. With improved financial security, farmers will be more resilient and better prepared   
 

Decreasing first-use plastic in consumers' wallets

Keeping with our ongoing efforts to offer our partners and consumers solutions to reduce their environmental impact, in 2023 Mastercard announced as part of the Sustainable Cards Program that we are accelerating our efforts to remove first-use, PVC plastics from all physical Mastercard payment cards on our network by 2028. From then on, all newly produced Mastercard plastic payment cards will be made with predominantly recycled or bio-sourced material materials and approved through a certification program. 

The Sustainable Cards Program has since reached new milestones, securing the participation of nearly 600 issuers across 100 countries. Five years ago, there were almost zero cards made from non-virgin plastic on the market. Now, there are over 500 million. 

Supporting fintech-enabled climate solutions

Entrepreneurs with varied perspectives, backgrounds, and experiences have a role to play in innovating solutions as well that can assist the global shift to a low-carbon economy.  

Start Path is our start up engagement program where companies receive stage-relevant support, including enterprise partnership readiness training, a dedicated mentor, introductions to Mastercard customers and opportunities for technology collaboration. In turn, these startups keep a pulse on innovation and look around corners to help co-create what’s next in financial services.    

One Start Path company, Gemini Energy Solutions, is using Mastercard Open Banking to develop a new financing platform that can both propel and streamline sustainable energy investments The company is also pioneering loan programs to specifically help nonprofits and small business owners in majority Black communities secure financing for sustainable energy projects.  

By equipping startups like Gemini Energy Solutions with the power of our technology solutions, Mastercard is supporting an inclusive climate transition.  

Uniting businesses and consumers on climate action

Since its launch in 2020, the Priceless Planet Coalition (PPC) has aimed to unite businesses and consumers around climate action. In partnership with Conservation International and the World Resources Institute, the PPC is working towards its goal of funding the restoration of 100 million trees around the world, emphasizing areas with significant potential for positive impacts on climate, community and biodiversity. , 

Most recently, Citibank Singapore became the first bank in Singapore to join the PPC. Lyft and Sirius XM also ran PPC donation campaigns alongside Mastercard’s sponsorship of the GRAMMY Awards, donating to the Coalition’s restoration projects on behalf of their music fans. 

Looking ahead... 

Mastercard understands the power of collaboration in propelling meaningful change. In Q1, we expanded our efforts to accelerate solutions that contribute to climate action across industries. Mastercard will continue building solutions to inspire, inform and enable environmental action, not just as a benefit, but as a fundamental feature. As we move forward, we invite our partners, consumers, and stakeholders to join us in leveraging the power of our technology and resources to progress towards a more sustainable, regenerative economy.