Mastercard Inc. promises to hit the equivalent of zero-zero greenhouse gas emissions by 2050, a stop that is increasingly familiar to major companies and government agencies as U.S.-led Joe Biden looks to going back to global peers in the pursuit of human-induced climate change.
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industry is a major challenge for the share of the promise that will come after violators of climate change downstream.
Scope 3, or indirectly, distributions from outside the company make up the majority of GHG Mastercard distributions, unlike most service companies. More than 70% of “polluting” pollution came from suppliers in 2019, the company said. Business travel and combined employee travel accounted for 19%.
The company can therefore only advise on investments in renewable energy to a customer base or work to get businesses to believe on their supply chain to set efficiency targets.
But the company is not leaving many customers out of their plan.
For example, “we have developed a sustainable card product directory for our customers and are working with Doconomy to provide brands with a free and transparent way to work out the carbon footprint of their product,” said talk to MarketWatch. “This is information that consumers can use to make more informed purchasing decisions – a potential that is generally accessible to small businesses.”
The credit card and payment processor can be considered the first in the industry to agree to a climate program with the Science-Based Targets (SBTi) initiative. These thresholds are to cut direct emissions by 38% and indirect emissions from supply chains and customers by 20% by 2025 from 2016 levels. And the company is aligning with SBTi for a 1.5 ° C, enterprise another to try to pull down global emissions, a target that is aligned with the temperature limitation promise in the Paris-free Climate Agreement.
“2021 is going to be an important year for climate action, and we believe the private sector has a vital role to play in the transition to a carbon-free economy,” said Kristina Kloberdanz, chief sustainability officer, at Mastercard.
“The quality of our futures is deeply and deeply linked to the health and wellbeing of our planet,” she said. “That’s why, as well as improving our own environmental footprint, we are leading systematic change through powerful partnerships and empowering our network of nearly 3 billion users to take action together to conserve the environment. ”
Mastercard operates nearly 180 facilities worldwide and says it prioritises renewable energy and energy efficiency programs, including the expanded use of solar panels in data centers, which accounts for over 50% of energy use across the company.
The company, which also participates in forest regeneration initiatives, said once it reaches the highest decarbonization across the value chain, it will review removal options. carbon, but did not currently have additional information about these plans. Carbon sequestration is gaining traction again in Washington as a potential bipartisan climate change action.
Mastercard shares are down 8.2% year to date.