PURCHASE, NY – The current pandemic has underscored how interconnected our world has become – and that the health and well-being of our planet is deeply linked to that of our people. As wildfires ravage many parts of the world, from the US west coast to Brazil and Australia, and we experience some of the most extreme weather events on record, we must urgently invest in innovative ways to inspire collective action to address climate change.
With this in mind, Mastercard today announced the expansion of the Priceless Planet Coalition, welcoming new global coalition partners – Archa, Associated Bank, Barclays Bank US, BECU, Berkshire Bank, BMO Financial Group, Charity Charge, Davivienda, Doconomy, DZ BANK, E. & J. Gallo Winery, EedenBull, Emirates NBD, Eurobank, Expo 2020 Dubai, Finix, First Hawaiian Bank, Frank Green, Frontier Airlines, Halkbank AD Skopje, Hawaiian Airlines, HSBC, Itaú Unibanco, Network International, Produbanco , SchoolsFirst FCU, Scotiabank, SEFCU, Synchrony, Transcard, WESTbahn, and 1derful – as well as eminent environmental experts as part of the recently announced Advisory Committee. These new partners join existing coalition members American Airlines, bunq, Citibank, L.L. Bean, the New York Metropolitan Transit Authority, Saks Fifth Avenue, Santander UK.
Launched in January 2020, the Priceless Planet Coalition unites the efforts of consumers, financial institutions, merchants and cities to fight climate change through the restoration of 100 million trees over five years – together with climate science and forest restoration experts Conservation International (CI) and World Resources Institute (WRI). Coalition partners in multiple regions are launching campaigns to enlist consumers in environmental action and reforestation efforts with innovative donation technologies.
“Mastercard is committed to building a more inclusive and sustainable digital economy, where people, communities and the planet can thrive. Through the Priceless Planet Coalition, we are empowering our global network of partners and consumers – who share our commitment to being a force for good in the world – to unite in action and create exponential impact for the environment,” said Jorn Lambert, Chief Digital Officer, Mastercard. “We continue to embed sustainability into the very fabric of our business – including our digital product strategy – as more consumers look to change their behavior and make mindful spending choices that are better for the planet.”
New Advisory Committee
A newly appointed Advisory Committee will support the development of the Priceless Planet Coalition’s work. These world-renowned climate experts will use the latest scientific research and data to ensure that the Priceless Planet Coalition makes the greatest positive impact on both the climate globally and on local communities. The Advisory Committee welcomes Bo Lidegaard, Danish historian and diplomat, who has led international negotiations on climate change and is the former editor-in-chief of the Danish newspaper Politiken; Todd Stern, former Special Envoy for Climate Change and the US’s chief negotiator for the 2015 Paris Climate Agreement; and Izabella Teixeira, Former Minister of the Environment for Brazil and co-chair of the UN’s International Resource Panel (IRP).
Inspiring more sustainable lifestyle choices
Core to the Priceless Planet Coalition’s mission is empowering and inspiring consumers to take action against climate change. Mastercard continues to develop environmentally conscious solutions that enable more people to embrace a sustainable lifestyle through their spending choices.
- A collaboration with the Swedish fintech startup Doconomy enables people to track, understand and take accountability of their environmental footprint through digital tools that set a new standard for purpose-driven payment solutions.
- For people interested in contributing to reforestation projects and other environmental causes, Mastercard donation platform and soon-to-be-available mobile app enable direct donations to the reforestation partners of the Priceless Planet Coalition and round up everyday purchases. Mastercard also offers a widget, a web API that can facilitate banks and merchants to enable cardholder donations in diverse points of the consumer journey.
- Mastercard is also embedding the coalition into loyalty programs run on behalf of issuers and merchants. For example, the company will enable cardholders to redeem reward points for trees through their gift catalogue and in real time through Mastercard Pay with Rewards.
- To enable issuers to offer cards made from more sustainable materials, Mastercard recently launched the Sustainable Materials Directory, encouraging wider adoption of certified eco-friendly solutions. Mastercard has approved 34 different sustainable card products to date, which have been issued by more than 60 financial institutions. Mastercard continues to target the reduction of first-use polyvinyl chloride (PVC) and to research alternative materials for cards, including recyclable, bio-sourced and biodegradable material in collaboration with leading vendors through its leadership of the Greener Payments Partnership (GPP).
Forest restoration locations
The Priceless Planet Coalition aims to reinforce a restoration model that’s not only focused on planting trees, but on re-growing forests in geographies with the greatest need and most potential for a positive climate, community and biodiversity impact. Guided by the expertise of our forest restoration partners, Conservation International and World Resources Institute, and our new Advisory Committee, the Coalition has employed rigorous science-based best practices to identify three restoration locations for the coming year in Kenya, Brazil and Australia. Beyond these initial projects, the project portfolio will be expanded to include other locations that meet established criteria.
Mastercard’s own environmental footprint
Earlier this year, Mastercard was the first in the payments industry to receive approval from the Science Based Targets initiative (SBTi) for an updated emissions target, which aligns to a 1.5-degree Celsius climate trajectory. The company also joined RE100, formalizing a commitment to continue using 100% renewable energy across all of its global operations.
To learn more about Priceless Planet Coalition, please visit PricelessPlanet.org and follow us on social media #pricelessplanet.
