GHG Emissions, Solar, Sourcing Renewables - January 26, 2021
Mastercard commits to net-zero emissions
Mastercard announced on Jan. 26 that it has pledged to reach net-zero emissions by 2050 by decarbonizing its operations and supply chains. The first in the payments industry to gain SBTi approval for its GHG goals, Mastercard is currently working towards its goal to reduce total Scope 1 and 2 emissions by 38% and Scope 3 emissions by 20% by 2025 from a 2016 baseline.
These targets reflect a long-term commitment by the company to monitor and implement best practices to reduce emissions across the business, drive operational energy efficiency and further engage suppliers in value chain decarbonization. Progress already made towards these goals includes achieving 100% renewable electricity in 2020, reinforced by a commitment to RE100.
“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,” Kristina Kloberdanz, chief sustainability officer of Mastercard said in a statement. “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.”
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 U.S. are fitted with solar panels and all owned properties across the world are LEED certified. Also, 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. Continued support with setting and achieving GHG goals will be provided to suppliers.
Mastercard 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.