Mastercard adds new restoration projects to pledge to plant 100 million trees
Mastercard has expanded the number of restoration projects under its Priceless Planet Coalition, which aims to plant 100 million trees by 2025.
The Priceless Planet Coalition is focusing on making investments that preserve and restore the environment, starting with a pledge to plant 100 million trees in the next five years.
The Coalition made the pledge through a rewards system, which will encourage consumers to use public transport by pledging to plant trees per journey. Corporate partners of the investors, which also includes IHS Markit, bunq, Saks Fifth Avenue, L.L. Bean, New York Metropolitan Transportation Authority, Transport for London, and American Airlines, will be able to contribute to the forestation drives every time an employee uses a Mastercard for travel, goods and services.
Mastercard has today (20 April) announced that it has added 15 new restoration projects to the original three pilot programmes in Australia, Kenya and Brazil. Now more than 18 projects globally will build towards the goal to plant 100 million trees by 2025.
Locations include Australia, Cambodia, China, India, the Philippines, Brazil, Colombia, Guatemala, France, Portugal, Spain, Scotland, Madagascar, Democratic Republic of Congo, Kenya, Malawi, United Arab Emirates, Mexico and the United States.
The coalition will work with Conservation International – which has protected or restored more than six million square kilometres of land and sea across more than 70 countries – and the WRI on the forestation projects. WRI will leverage a global network of financial, technical and government partners through platforms like AFR100 and Initiative 20×20 to help with the planting process and provide reporting mechanisms.
“The Priceless Planet Coalition is focused on addressing the urgent global climate crisis by restoring the right trees in the right places,” Mastercard’s chief digital officer Jorn Lambert said.
“By collaborating with our global network of Coalition partners, we are able to further scale our forest restoration work and create collective action for the planet.”
The company has also released new data from its Economics Institute, which found that the public are offering more donations to environmental charities.
Research from the Mastercard Economics Institute found that these donations increased by 48% in 2022 compared to pre-pandemic levels. The UK experienced a 287% growth in donations over that time period.
The coalition is Mastercard’s latest venture into environmental practices. Professional services firm Accenture recently teamed with Mastercard and Amazon Web Services (AWS) to launch a supply chain initiative that uses blockchain technology to encourage customers to “tip” small-scale growers and producers that are showcasing sustainable practices.
The company accelerated its net zero timeline to 2040 and recently expanded its compensation model for all employees, linking it to three priorities across Environmental, Social and Governance (ESG).
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