FinTech

Mastercard Signs Memorandum of Understanding with Carbon Zero to Boost Climate Action in MENA

Mastercard has entered into a new agreement with “Carbon Zero,” a climate technology company based in the UAE, to explore mechanisms and opportunities for accelerating climate action in the Middle East and North Africa (MENA) region.

Under this collaboration, both companies will provide support to small and medium-sized enterprises through various climate awareness initiatives and carbon emission measurement solutions.

Additionally, they aim to enable stakeholders within the broader financial services ecosystem to integrate climate action into their local payment operations.

This innovative partnership seeks to provide innovative tools for measuring and reducing carbon emissions for small businesses in the region.

Mastercard and “Carbon Zero” will also collaborate as part of the “Alliance for Our Precious Planet” initiative, a global effort led by Mastercard that brings together elite companies, institutions, banks, cities, and consumers worldwide to plant 100 million trees to combat climate change.

This alliance in the UAE features a joint platform comprising Mastercard, the International Union for Conservation of Nature, the Emirates Nature-WWF, and the World Resources Institute, supported by the Dubai Charity Association.

On this occasion, Mustafa Bosca, Co-founder of “Carbon Zero,” stated, “The pressures to advance climate action in the MENA region are growing, with several governments announcing specific strategies to achieve net-zero carbon emissions and taking tangible steps towards implementation. With the UAE hosting the Conference of the Parties (COP 28), the call for local companies to reduce their environmental footprint has never been stronger.

Carbon Zero is committed to providing reliable and easily deployable local climate technology solutions in line with international standards to help them drive their climate agendas and take concrete climate actions.”

Amna Ajmal, Executive Vice President of Market Development for Eastern Europe, Middle East, and Africa at Mastercard, commented, “At Mastercard, we are committed to reducing our environmental and climate footprint, reflected in our pledge to achieve net-zero carbon emissions by 2040.

We are delighted to collaborate with ‘Carbon Zero’ and leverage our extensive network, technology, and expertise to empower other companies to contribute to a more sustainable future.”

It is worth noting that over 70% of carbon emissions are currently generated through the supply chain of companies.

Mastercard has been among the first global payment companies to include supply chain emission reduction practices in its goals to achieve net-zero carbon emissions.

The company has developed a supplier program to contribute to decarbonizing its supply chain and achieve its goal of net-zero carbon emissions.

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