Mastercard has released its 2020 Corporate Sustainability report, highlighting how the company has responded to the spectrum of challenges that have inevitably risen over the course of the last year.
The Mastercard report details the company’s attitude towards sourcing suitable solutions through the deployment of innovative strategies and trusted partnerships. This approach has ensured that the financial provider continues to deliver 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,” comments Michael Miebach, Chief Executive Officer at 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
Mastercard made a five-year $250 million commitment to provide small businesses with the financial tools, technology, products, funding, and data insights necessary to weather the pandemic.
They committed $500 million over these five years to help close the wealth and opportunity gaps faced by Black communities in the U.S.
Achieved their goal of financially including 500 million people and expanded their 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.
Additionally, they launched more than 100 government relief programmes in response to Covid -19 to assist with worldwide inclusive recovery.
- People and Culture
Mastercard tied executive compensation to ESG goals and priorities, including carbon neutrality, gender pay parity, and financial inclusion.
They supported the workforce with no Covid-related layoffs in 2020 and invested in new mental and physical wellbeing policies and programmes.
This was in addition to the launch of the Mastercard Investing in You programme, which increased Mastercard’s employer 401K match to 10% for every 6% contributed by employees.
They also reached their million-girl milestone since the start of the STEM-based Girls4Tech programme, leading Mastercard to commit to engaging five million girls by 2025.
- Environmental Stewardship
The report disclosed the results of their initial Task Force on Climate-Related Financial Disclosures analysis.
Continued commitment to reaching net-zero greenhouse gas emissions by 2050 across all Mastercard operations and value chain, building on the 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
Mastercard committed to increasing annual spending with Black suppliers by more than 70%, to $100 million annually by 2025.
They’ve extended their Specialty Merchant Registration programme that requires banks to certify strong control measures related to materials published on adult content sites.
In addition, Mastercard also 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.