Mastercard has pledged to reach net-zero emissions by 2050, aiming to expand the use of onsite solar technology while also decarbonising its supply chain.
Mastercard is the latest corporate to raise the ambitions of its decarbonisation strategy, pledging to reach net-zero emissions by 2050.
The move builds on current commitments aligned with its Business Ambition for 1.5°C pledge that has seen Mastercard work towards 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.
While Mastercard achieved 100% renewable energy offset usage across all of its global offices in 2017, and has joined the RE100, the new commitment will see the company ramp up renewable energy programmes.
Mastercard, which operates close to 180 facilities globally, will expand the use of solar panels in data centres, which account for more than 50% of energy usage for the company. It will build on strong progress to date, which has seen all Mastercard-owned properties in the US fitted with solar panels.
The company will also aim to tackle emissions from the supply chain, which accounts for more than 70% of Mastercard’s total carbon footprint. Mastercard has also hinted that it will invest in carbon removal projects, including nature-based solutions and technologies and services that reduce carbon.
Mastercard’s chief sustainability officer Kristina Kloberdanz 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 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. By coming together, we can drive exponential impact.”
Last year, edie spoke to Kloberdanz as part of our ongoing #SustyTalk series. In the video interview, Kloberdanz discusses Mastercard’s work to promote credit cards made using recycled and bio-based materials, as well as the recent expansion of its Priceless Planet Coalition. The Coalition links loyalty schemes to tree planting initiatives from Conservation International and the World Resources Institute (WRI) and is targeting 100 million trees by 2025.
She also provides best-practice advice for professionals looking to forge new partnerships to tackle key environmental and social issues, and to improve communication and collaboration across and beyond their respective sectors. Watch the interview here.
Mastercard is also part of the “Business Avengers”. The coalition of 17 global corporates – including Unilever, Nike and Google – worth more than $500bn in revenue was launched to highlight how businesses can amplify actions to help hit the targets of the 17 Sustainable Development Goals (SDGs).
The Business Avengers is represented by corporates with more than 90,000 employees collectively. The coalition will work to highlight the role that businesses can play in achieving the SDGs by 2030.