(Photo Credit: Mastercard)Mastercard has pledged to reach net zero emissions by 2050. 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% and Scope 3 emissions by 20% by 2025 from a 2016 baseline.
In August, the company announced that it successfully lowered Scope 1 and 2 emissions by 43% from 2016 to 2019, and reduced their Scope 3 emissions by 40% in the same time period.
Mastercard is also mobilizing its technology, expertise, and trusted global partnerships network to lead on collective climate action, through 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% 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.
Emissions associated with the company’s supply chain (as measured at the end of 2020) amount to more than 70% of the total carbon footprint. As such, continued support with setting and achieving GHG goals will be provided to suppliers.
In the future, Mastercard says it will also review opportunities for investing in carbon removal projects, including new nature-based solutions as well as technologies and services that reduce carbon impact while supporting broader local economic and social development goals.
