UAE Mastercard Cards Go Green by 2025
From 2025, a staggering 80% of all Mastercard cards in the UAE will be crafted from sustainable materials, three years ahead of the global target.
This ambitious initiative, the UAE Sustainable Cards Pledge, has garnered the support of over ten banks and financial institutions, spearheading the country's transition to eco-friendly cards by 2025.
Aligning perfectly with the Year of Sustainability, this pledge empowers consumers and businesses to embrace sustainable choices and minimise their environmental footprint. This move further strengthens the UAE's banking industry's commitment to sustainability, evident in the impressive 32% growth of green finance witnessed in 2022.
Gina Petersen-Skyrme, Vice President and Country Business Development Lead for UAE & Oman at Mastercard expresses, "Our aim is simple: to enable banks to offer consumers eco-friendly cards and drive positive change. This benefits everyone – the environment, businesses, and consumers alike. We chose the UAE as our launchpad due to its unwavering commitment to environmental protection and sustainability, exemplified by the visionary UAE Net Zero by 2050 Strategic Initiative. COP28 presents the perfect platform to showcase this significant leap in our sustainability journey to the world."
Mastercard's dedication to building a sustainable world is unwavering. The company is well on its way to achieving net-zero emissions by 2040 through a series of ongoing initiatives. Notably, from 2028, all newly produced Mastercard cards will be made from sustainable materials like recycled or bio-sourced plastics.
Mastercard's commitment extends beyond just production. The company has implemented a global certification scheme, easily identifiable by the sustainable card badge, to recognise ecologically conscious cards.
Furthermore, it has facilitated the transition of 388 million cards across its network to recycled and bio-based materials through collaborations with over 519 issuers across 97 countries. A recycling programme further bolsters its efforts to reduce plastic waste and promote a circular economy.
In a world facing mounting environmental pressures, Mastercard's UAE Sustainable Cards Pledge offers a beacon of hope. By taking concrete steps to reduce reliance on first-use plastics in payment cards, Mastercard is paving the way for a more sustainable future, one card at a time.
To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.
Source: Zawya
