Mastercard has become the first payments provider to have a greenhouse gas emissions reduction target in line with the Paris Agreement approved by the Science Based Targets Initiative (SBTi).
The firm has committed to a 20% cut that covers both direct and indirect emissions by 2025, dispatching a dedicated team to help global suppliers quantify and reduce emissions.
“Being the first payments company to align with the Paris Agreement, Mastercard is demonstrating its business leadership and positioning itself for success in the low-carbon economy,” SBTi steering committee member, Cynthia Cummis, said.
The SBTi helps companies reduce emissions in line with the Paris Agreement, and is a collaboration between the United Nations Global Compact, the World Resources Institute, the World Wide Fund for Nature, and CDP.
Around 110 companies have so far had science-based targets approved by the SBTi, including McDonald’s, Sony and Tesco, with the total market value of those committed to the initiative now at $3.4trn (£2.4trn).
The latest announcement is just one of a number of milestones for Mastercard, with the company managing to achieve 100% renewable energy offset usage across all of its global offices last year.
This was accomplished through a combination of on-site solar generation, direct renewable energy purchases in deregulated markets, and country-specific renewable energy credits.
To reduce its direct emissions, Mastercard is pursuing green certification for all eligible construction projects, and has already achieved LEED certification for all its owned campuses.
The company also boasts Green Mark Gold Plus in its Singapore regional office, and has certifications underway with Green Star in Australia, BREEAM in Belgium, and LEED in Dubai and India.
“As a company, we pursue opportunities to be a force for good in the world,” said Kristina Kloberdanz, Mastercard’s chief sustainability officer.
“Climate change is one of the biggest challenges of our time. This commitment highlights Mastercard’s determination to be a part of the solution.”
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