Mastercard released its 2020 Corporate Sustainability report, highlighting how the company has responded to the challenges of the last year through innovation and trusted partnerships.
The multinational financial services corporation says it is 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.” He added
Highlights from the report include a five-year $250 million commitment to provide small businesses with financial tools, technology, products, funding, and data insights necessary to weather the pandemic.
There is also a commitment of $500 million over five years to help close the wealth and opportunity gaps faced by Black communities in the U.S.
“We achieved our goal of financially including 500 million people and expanded our 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.” Mastercard noted in the report
It also highlighted the launch of more than 100 government relief programs in response to COVID -19 to assist with inclusive recovery around the world.
The company says it supported the workforce with no COVID-related layoffs in 2020 and invested in new mental and physical wellbeing policies and programs.
On environmental stewardship, Mastercard noted that it was committed to reaching net-zero greenhouse gas emissions by 2050 ‘across our operations and value chain, building on our existing science-based targets.’
“Mastercard issued a $600 million sustainability bond to support carbon reduction, supporting environmental choices for customers, and fostering inclusive growth.” The company indicated in the report
it also launched the Priceless Planet Coalition with now more than 60 partners with a goal to restore 100 million trees over five years.