Priceless Planet Coalition Expands, Unites Businesses and Consumers Worldwide to Preserve the Environment
October 20, 2020 | MIAMI, FLFour partners in Latin America and the Caribbean to support planting 100 million tree
The current pandemic has underscored how interconnected our world has become – and that the health and well-being of our planet is deeply linked to that of our people. With this in mind, Mastercard today announced the continued expansion of the Priceless Planet Coalition, welcoming new partners in Latin America where Davivienda, Itaú Unibanco, and Produbanco (Promerica Group) will join the coalition, further expanding their long history of environmental sustainability efforts in Colombia, Brazil, and Ecuador, respectively. Across the Caribbean, Scotiabank joins as the premier lead partner.
Additional global coalition partners include – Archa, Associated Bank, Barclays, BECU, Berkshire Bank, BMO, Charity Charge, Doconomy, DZ BANK, E. & J. Gallo Winery, EedenBull, Emirates NBD, Expo 2020 Dubai, Finix, First Hawaiian Bank, Frank Green, Frontier Airlines, Hawaiian Airlines, Halkbank AD Skopje, HSBC, Network International, SchoolsFirst, SEFCU, Synchrony, Transcard, WESTbahn, 1derful – as well as eminent environmental experts as part of the new Advisory Committee. These new partners join existing coalition members American Airlines, bunq, Citibank, IHS Markit, L.L. Bean, Metropolitan Transit Authority, Saks Fifth Avenue, Santander UK, and Transport for London.
As wildfires ravage many parts of the world, from the US west coast to Brazil and Australia, and we experience some of the most extreme weather events on record, we must urgently invest in innovative ways to inspire collective action to address climate change. Launched in January 2020, The Priceless Planet Coalition unites the efforts of consumers, financial institutions, merchants and cities to fight climate change through the restoration of 100 million trees over five years – together with forestry experts Conservation International (CI) and World Resources Institute (WRI). In multiple regions, coalition partners are launching campaigns to empower consumers to take action for the environment and support these reforestation efforts with innovative donation technologies.
“Mastercard is committed to building a more inclusive and sustainable digital economy, where people, communities and the planet can thrive. Through the Priceless Planet Coalition, we are empowering our global network of partners and consumers – who share our commitment to being a force for good in the world – to unite in action and create exponential impact for the environment,” said Jorn Lambert, Chief Digital Officer, Mastercard. “We continue to embed sustainability into the very fabric of our business – including our digital product strategy – as more consumers look to change their behavior and make mindful spending choices that are better for the planet.”
New Advisory Committee
A newly appointed Advisory Committee will support the development of the Priceless Planet Coalition’s work. These world-renowned climate experts will use the latest scientific research and data to ensure that the Priceless Planet Coalition makes the greatest positive impact on the climate, globally, as well as on the local community and biodiversity in tree-planting locations. The Advisory Committee welcomes Bo Lidegaard, Danish historian and diplomat, who has led international negotiations on climate change and former editor-in-chief of the Danish newspaper Politiken; Todd Stern, former Special Envoy for Climate Change and the US’s chief negotiator for the 2015 Paris Climate Agreement; and Izabella Teixeira, Former Minister of the Environment for Brazil and co-chair of the UN’s International Resource Panel (IRP).
Inspiring more sustainable lifestyle choices
Core to the Priceless Planet Coalition’s mission is empowering and inspiring consumers to take action against climate change. Mastercard continues to develop environmentally conscious solutions that enable more people to embrace a sustainable lifestyle through their spending choices.
- A partnership with the Swedish fintech startup Doconomy enables people to track, understand, and take accountability for their environmental footprint through digital tools that set a new standard for purpose-driven payment solutions.
- For people interested in contributing to forestation projects and other environmental causes, Mastercard donation platform and soon-to- be-available mobile app enable direct donations to the forestation partners of the Priceless Planet Coalition and round up everyday purchase. Mastercard also offers a widget, a web API, which can facilitate banks and merchants to enable cardholder donations in diverse points of the consumer journey. Consumers also can make their contribution to Conservation International on PricelessPlanet.org. Donations are also accepted on give.mastercard.com sites.
- Mastercard is also embedding the coalition into loyalty programs run on behalf of issuers and merchants. For example, the company will enable cardholders to redeem reward points for trees through their gift catalog and in real-time through Mastercard Pay with Rewards.
- To enable issuers to offer cards made from more sustainable materials, Mastercard recently launched the Sustainable Materials Directory, encouraging wider adoption of certified eco-friendly solutions. Mastercard has approved 34 different sustainable card products to date, which have been issued by more than 60 financial institutions. Mastercard continues to target the reduction of first-use polyvinyl chloride (PVC) and to research alternative materials for cards, including recyclable, bio-sourced, and biodegradable material in collaboration with leading vendors through its leadership of the Greener Payments Partnership (GPP).
Forestation locations
The Priceless Planet Coalition aims to reinforce a restoration model that’s not only focused on planting trees, but on re-growing forests in geographies with the greatest need and most potential for a positive climate, community and biodiversity impact. Guided by the expertise of our forest restoration partners, Conservation International and World Resources Institute, and our new Advisory Committee, the Coalition has employed rigorous science-based best practices to identify three tree-planting locations for the coming year in Kenya, Brazil and Australia. Beyond these initial projects, the project portfolio will be expanded to include other locations that meet established criteria.
Mastercard’s own environmental footprint
Earlier this year, Mastercard was the first in the payments industry to receive approval from the Science Based Targets initiative (SBTi) for an updated emissions target, which aligns to a 1.5-degree Celsius climate trajectory. The company also joined RE100, formalizing a commitment to continue using 100% renewable energy across all of its global operations.
To learn more about Priceless Planet Coalition, please visit PricelessPlanet.org and follow us on social media #pricelessplanet.
Members of the New Advisory Committee had the following to say:
Bo Lidegaard, Historian, diplomat, former editor-in-chief of Politiken, and Priceless Planet Coalition Advisory council member stated: “The green transition is happening, but not at the speed needed. As citizens, businesses, and societies, we need to cut emission faster and deeper and at the same time step up efforts to preserve land and forests and enhance natural sinks. The Priceless Planet Coalition aims to enhance action by producers and consumers by creating visibility around the carbon footprint of individual products and specific consumption - and by providing the opportunity for immediate action to offset emissions.”
Todd Stern, former Special Envoy for Climate Change, the US’s chief negotiator for the 2015 Paris Climate Agreement, and Priceless Planet Coalition Advisory council member stated: “Climate change is upon us with a vengeance and to contain it we need nothing less than to decarbonize the global economy in just three decades, starting now, and to deploy nature based solutions in forestry and land use that can both reduce carbon emissions and absorb them naturally. We can do what’s required, but only if political will is mobilized at every level, from government leaders to business, civil society and ordinary citizens. The Priceless Planet Coalition will help drive the healing growth of forests around the world, at the same time that it educates and helps mobilize action and activism by companies and consumers.”
Izabella Teixeira, Former Minister of the Environment for Brazil and co-chair of the UN’s International Resource Panel (IRP) and Priceless Planet Coalition Advisory council member stated: “Nature-based solutions, such as forest restoration, are an essential means of tackling the climate crisis. The Priceless Planet Coalition enables us to act on both a global and local level – addressing the global environmental agenda, including deforestation and conservation, as well as enabling people to take action. Together, we must promote development that also preserves the environment”
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
