Saturday 18 September 2021


Mastercard marks year of collective action

RIYADH, July 29, 2021

Mastercard has released its 2020 Corporate Sustainability report, highlighting how the company has responded to the challenges of the last year through innovation and trusted partnerships. It is also delivering on its mission to build a more inclusive, sustainable world with a digital economy that works for everyone, everywhere. 
“This unprecedented year reinforced how important it is for us to help those in need today and continue to build a more inclusive and sustainable world,” said Michael Miebach, chief executive officer, Mastercard. “For us, sustainability means ensuring everyone has the same opportunities to grow and thrive in alignment with the planet. This year’s report is a reflection of all that we have achieved and marks an important moment to share the progress we continue to make together."
Highlights from the report include: 
Inclusive Growth
Made a five-year $250 million commitment to provide small businesses with financial tools, technology, products, funding, and data insights necessary to weather the pandemic; 
Committed $500 million over five years to help close the wealth and opportunity gaps faced by Black communities in the US. 
Achieved its goal of financially including 500 million people and expanded its commitment to reach a total of 1 billion people, 50 million micro and small merchants, with an emphasis on 25 million women entrepreneurs, by 2025. 
Launched more than 100 government relief programmes in response to Covid-19 to assist with inclusive recovery around the world.
Our People and Culture
Tied executive compensation to ESG goals and priorities, including carbon neutrality, gender pay parity and financial inclusion.
Supported workforce with no Covid-related layoffs in 2020 and invested in new mental and physical wellbeing policies and programmes. 
Launched Investing in You programme, increasing our employer 401K match to 10% for every 6% contributed by employees. 
Reached the million-girl milestone since the start of our STEM-based Girls4Tech programme, leading us to commit to engaging five million girls by 2025.
Environmental Stewardship
Disclosed the results of our initial Task Force on Climate-Related Financial Disclosures analysis.
Committed to reaching net-zero greenhouse gas emissions by 2050 across its operations and value chain, building on its existing science-based targets.
Issued a $600 million sustainability bond to support carbon reduction, supporting environmental choices for customers, and fostering inclusive growth.
Launched the Priceless Planet Coalition with now more than 60 partners with a goal to restore 100 million trees over five years. 
Exceeded 10 million cards made from approved sustainable materials using Mastercard’s Sustainable Card Materials Directory.
Ethical and Responsible Standards 
Committed to increase annual spending with Black suppliers by more than 70%, to $100 million annually by 2025. 
Extended its Specialty Merchant Registration programme that require banks to certify strong control measures related to materials published on adult content sites.  
Announced the new Enhanced Contactless (Ecos) specifications, applying the latest quantum-resistant technologies to deliver enhanced privacy, security and trust for the next generation of contactless payments. -- TradeArabia News Service


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