Mastercard has ‘bold’ science-based target approved
Mastercard has become the first payments industry firm to gain approval for science-based targets, as the company aims to reduce greenhouse gas (GHG) emissions by 20% by 2025.
The target has been approved by the Science Based Targets initiative (SBTi), the collaboration between CDP, the UN Global Compact, World Resources Institute (WRI) and WWF.
Mastercard’s plans will use a 2016 baseline and will include both direct and indirect emissions.
“As a company, we pursue opportunities to be a force for good in the world,” said Kristina Kloberdanz, chief sustainability officer, Mastercard. “Climate change is one of the biggest challenges of our time. This commitment highlights Mastercard’s determination to be a part of the solution.”
Mastercard achieved 100% renewable energy offset usage across all of its global offices in 2017, thanks to a mixture of onsite solar generation, renewable energy purchases and credits.
The company is chasing green certification for all eligible construction projections, having already achieved LEED certification for all owned campuses. Mastercard also has a designated team to help global suppliers measure and reduce their own product and service-related emissions.
Commenting on the announcement, WRI’s director of private sector climate mitigation Cynthia Cummins said: “We congratulate Mastercard for the bold step they have taken to set a science-based target.
“Being the first payments company to align their business strategy with the Paris Agreement, Mastercard is demonstrating its business leadership and positioning itself for success in the low-carbon economy.”
Around 110 companies have now had their targets verified by the SBTi, with L'Oréal and brewer Molson Coors among the latest businesses to have their emission reduction goals approved. More than 370 businesses have joined the SBTi since its launch in 2015, with formal, public commitments to set science-based targets made by 270 companies.