Mastercard has welcomed new global coalition partners to the Priceless Planet Coalition, as well as environmental experts to the newly-announced Advisory Committee.
New partners based in the Asia Pacific and Middle East (APME) include: Australia's Archa, Emirates NBD, Expo 2020 Dubai, Frank Green of Australia, UAE-headquartered payments solution provider Network International, and Australian fintech 1derful join existing coalition members from the US and UK. New partners HSBC and Scotiabank have a significant presence in APME, while another new partner, payment solutions provider EedenBull, has Asia-Pacific headquarters in Singapore.
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 climate science and forest restoration experts Conservation International (CI) and World Resources Institute (WRI). Coalition partners in multiple regions are launching campaigns to enlist consumers in environmental action and 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 behaviour and make mindful spending choices that are better for the planet.”
A new Advisory Committee will support the development of the Priceless Planet Coalition’s work. Committee members will use the latest scientific research and data to ensure that the Priceless Planet Coalition makes the greatest positive impact on both the climate globally and on local communities.
Core to the Priceless Planet Coalition’s mission is empowering and inspiring consumers to take action against climate change. The Priceless Planet Coalition aims to reinforce a restoration model that’s not only focused on planting trees, but on regrowing forests in geographies with the greatest need and most potential for a positive climate, community and biodiversity impact.
Guided by CI, WRI, and its new Advisory Committee, the Coalition plans to use rigorous science-based best practices to identify three restoration locations for 2021 in Kenya, Brazil and Australia. Beyond these initial projects, the project portfolio will be expanded to include other locations that meet established criteria.
Mastercard continues to develop environmentally-conscious solutions that enable more people to embrace a sustainable lifestyle through their spending choices:
- A collaboration with the Swedish fintech startup and new coalition partner Doconomy enables people to track, understand and take accountability of their environmental footprint through digital tools that set a new standard for purpose-driven payment solutions.
- For people interested in contributing to reforestation projects and other environmental causes, a Mastercard donation platform and soon-to-be-available mobile app enable direct donations to the reforestation partners of the Priceless Planet Coalition and round up everyday purchases.
- Mastercard also offers a widget, a web API that can facilitate banks and merchants to enable cardholder donations in diverse points of the consumer journey.
- Mastercard is also embedding the coalition into loyalty programmes run on behalf of issuers and merchants. For example, the company will enable cardholders to redeem reward points for trees through their gift catalogue 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).
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, formalising a commitment to continue using 100% renewable energy across all of its global operations.
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