Meeting a troubling climate milestone with promising momentum

This summer, NASA data identified July 22, 2024, as Earth’s hottest day on record.

If the world exceeds a 1.5-degree Celsius rise in global warming, the resulting physical and geopolitical impacts would wreak havoc on the global economy. Addressing the climate crisis is a core activity imperative for any business today that hopes to maintain its longevity.

Mastercard is keenly aware of the urgency of this challenge. This is why we are reducing our own environmental footprint and offering partners and consumers the opportunity to do so, too. By leveraging our products, services and programs, and by activating our global network of customers, merchants and consumers, we are working to accelerate the transition to a sustainable digital economy where everyone can prosper.

As we reach this troubling milestone, we are sharing the latest updates on our journey to embed sustainability into the heart of our business. 

Transitioning away from first-use plastic

In 2023, Mastercard announced that by January 1, 2028, all newly produced Mastercard cards must be made from more sustainable materials, including recycled or bio-sourced plastics like rPVC, rPET or PLA.

This initiative continues to gain momentum among our customers and vendors. Globally, over 750 customers from more than 100 countries have already signed up to issue more than 630 million cards made from more sustainable materials, including recycled or bio-based materials, across the company’s network. This effort expands the availability of physical payment card options for consumers looking to reduce the environmental impact of their wallets.

Moving to mobile

Mastercard has introduced a new mobile virtual card app, allowing virtual commercial cards to be seamlessly added to digital wallets. This app provides financial institutions with more options to deliver the secure, sustainable and contactless payment solutions that companies increasingly expect. This innovation not only enhances payment security and efficiency but also helps reduce waste by eliminating the need for a physical card. Each virtual card is generated through Mastercard’s industry-leading virtual card platform, which is verified by Standard Ethics with a strong sustainability rating for its ability to promote less wasteful financial transactions.

Priceless Planet Coalition: Giving the gift of forest restoration

“The gift that keeps on giving” just gained a whole new meaning. Mastercardgiftcard.com now offers a Priceless Planet Coalition prepaid card. With the sale of each gift card, the purchaser . These gift cards can be used wherever Mastercard is accepted in the U.S., presenting an opportunity for card purchasers to support forest restoration.

Leaning into local luxury to protect the planet

The Priceless Planet Coalition supports restoration sites across six continents, with campaigns from partners inspiring people to take climate action, educating on the climate crisis and enabling them to contribute to solutions. This summer, IHG Hotels & Resorts funded $2, the approximate cost of restoring a tree, for every purchase of $100 or more made with a Mastercard at participating IHG resorts. Marketing for this campaign promoted staycations, encouraging travelers to lean into local luxury, and will ultimately result in one million trees being restored through the Priceless Planet Coalition’s forest restoration projects.

Urban mobility: Scaling innovation in Amsterdam

Mastercard has chosen Amsterdam as the first stop for its urban mobility innovation efforts. . Mastercard’s initiatives in Amsterdam focus on integrating technology and data to enhance mobility services, making urban transportation more efficient, accessible and sustainable.

These efforts in urban mobility are part of Mastercard’s broader strategy to create smart cities that prioritize sustainability and innovation. By collaborating with local governments and transportation providers, Mastercard aims to develop solutions that reduce traffic congestion, lower emissions and improve the overall quality of urban life.

Looking ahead

Mastercard is committed to playing a leading role in the transition to a sustainable digital economy that works for everyone. In the past quarter, we have continued to embed sustainable practices and emissions reduction initiatives into our partnerships, products and services, reducing first-use plastic waste, funding forest restoration, supporting cities’ transition to low-carbon transit, and increasing consumers’ involvement in climate action. Mastercard will continue to leverage our technology, network and partnerships to deliver innovative solutions that drive positive impact for the planet and its people. We invite you to join us on this journey and help us create a more resilient, inclusive and prosperous future.