Global payments firm Mastercard has launched a platform to unite corporates and intensify the fight against climate change.
The platform, Priceless Planet Coalition, aims to unite corporate sustainability efforts and make meaningful investments to preserve the environment.
The Coalition (members include Citibank, Santander UK, IHS Markit, bunq, Saks Fifth Avenue, L.L. Bean, New York Metropolitan Transportation Authority, Transport for London and American Airlines) has pledged to plant 100 million trees over the next five years.
The coalition will encourage corporates to invest in energy-efficient workplaces and operations, source renewable energy and maintain sustainable supply chains to reduce carbon footprints.
The Coalition will:
- Reach more than 3 billion consumer and corporate Mastercard card holders and inform them about climate change. Members will encourage consumers to use mass and smart transportation.
- The private sector is expected to play a leading role in ensuring climate change goals are achieved, according to Mastercard.
- Members of the coalition will help each other to implement and achieve sustainability strategies through knowledge sharing.
- Mastercard’s corporate card customers will contribute to the Coalition’s forestation initiatives worldwide whenever and wherever their employees use their cards for travel, goods and services.
Global environmental organisation Conservation International and World Resources Institute will lead the tree planting efforts.
Ajay Banga, the CEO of Mastercard, said: “No matter who you are or what you do, climate change affects you. But, it has the biggest negative impact on those who are socially and economically vulnerable. The time for just negating our environmental footprint has passed. Our best chance at changing the course we’re on and setting us all up for better futures is for companies and consumers to pull in the same direction towards a shared goal, real change can happen.
“We are committed to help advance change. We have an incredible network of reach. We have an incredible network of partners. We can put them to work to help deliver positive impact for the environment in the form of a Priceless Planet Coalition,” Banga added.