Mastercard is a leading financial transaction processor headquartered in the United States of America. The company provides innovative payment solutions to customers across the globe, enabling them to make transactions in a secure and efficient manner. With a focus on sustainability, Mastercard has been actively working towards decarbonisation and reducing its carbon footprint. The company has also been investing in renewable energy and corporate energy initiatives to achieve its sustainability goals.
Decarbonisation is a key priority for Mastercard, and the company has set ambitious targets to reduce its greenhouse gas emissions. In 2020, Mastercard announced its commitment to reach net-zero emissions by 2050. To achieve this goal, the company has developed a comprehensive decarbonisation strategy that includes reducing its energy consumption, transitioning to renewable energy, and investing in carbon offset projects.
One of the key initiatives that Mastercard has undertaken to reduce its carbon footprint is the implementation of corporate energy programs. The company has been working with its suppliers and partners to identify opportunities to reduce energy consumption and improve energy efficiency. Mastercard has also been investing in renewable energy sources, such as solar and wind power, to reduce its reliance on fossil fuels.
Corporate Power Purchase Agreements (PPAs) are another important aspect of Mastercard's sustainability strategy. PPAs allow companies to purchase renewable energy directly from a generator, providing a stable and predictable source of clean energy. In 2020, Mastercard signed a 315 MW PPA with Enel Green Power North America, the largest PPA in the financial services industry. This agreement will provide Mastercard with renewable energy from wind and solar projects in Texas and Oklahoma, helping the company to achieve its sustainability goals.
Mastercard has also been investing in renewable energy projects around the world. In 2019, the company announced a partnership with the International Finance Corporation (IFC) to develop a $500 million program to increase access to renewable energy in emerging markets. The program will provide financing to renewable energy projects in countries such as India, Indonesia, and the Philippines, helping to reduce greenhouse gas emissions and improve access to clean energy.
In addition to its sustainability initiatives, Mastercard has also been working to promote financial inclusion and support small businesses. The company has launched several programs to provide financial education, access to credit, and other resources to underserved communities. Mastercard has also been working with small businesses to help them transition to digital payments, enabling them to reach new customers and grow their businesses.
Mastercard's commitment to sustainability and innovation has earned the company numerous awards and recognitions. In 2020, Mastercard was named to the Dow Jones Sustainability Index for the fifth consecutive year, recognizing the company's leadership in sustainability. Mastercard was also named one of the World's Most Ethical Companies by the Ethisphere Institute for the twelfth consecutive year, highlighting the company's commitment to ethical business practices.
In conclusion, Mastercard is a leading financial transaction processor that has demonstrated a strong commitment to sustainability and innovation. The company's decarbonisation strategy, corporate energy initiatives, and investment in renewable energy projects have helped to reduce its carbon footprint and promote clean energy. Mastercard's focus on financial inclusion and support for small businesses has also helped to create a more equitable and sustainable economy. As a result, Mastercard is a leader in the financial services industry and a model for other companies looking to achieve sustainability and innovation.