Ajman Bank Goes Green with Mastercard

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KnowESG_Ajman Bank Goes Green with Mastercard
Image courtesy of Ajman Bank

Ajman Bank and Mastercard have joined forces to champion sustainability. The bank will use Mastercard's Carbon Calculator and signed the UAE Sustainable Cards Pledge.

Developed with Doconomy, the Carbon Calculator helps customers understand the environmental impact of their spending. It even allows them to support reforestation through Mastercard's Priceless Planet Coalition. Banks can easily add this feature to their mobile apps using tools available on Mastercard's developer website.

Pioneering Sustainable Cards

The UAE Sustainable Cards Pledge announced at COP28, encourages banks in the country to use more eco-friendly card materials like recycled or bio-sourced plastics by 2025.

This makes the UAE the global leader in this initiative, beating Mastercard's worldwide goal of 2028. The programme has gained significant traction, with key players onboard. As a result, 80% of Mastercard cards issued in the UAE from 2025 will be sustainable. So far, over 576 issuers from 100 countries have pledged to convert nearly 449 million cards on the Mastercard network.

Supporting the Transition

Mastercard is helping its partners switch from traditional PVC by connecting them with approved suppliers for sustainable card production. They have also developed a dedicated toolkit to assist them in converting their existing cards.

Consumer Demand for Sustainability

A 2021 Mastercard study revealed strong consumer interest in sustainability in the Middle East. 90% of adults surveyed are willing to take personal action towards environmental issues.

Over 72% believe businesses have a stronger responsibility to protect the environment. More than 25% plan to stop using brands that lack sustainable practices, and nearly 15% have already boycotted such companies. The top sustainability concerns for consumers include employee well-being, reducing pollution, and offering eco-friendly products.

Mustafa Al Khalfawi, CEO of Ajman Bank, said, "As a natural extension of our long-standing strategic partnership with Mastercard, our latest collaboration is in line with our commitment to sustainability and the UAE´s net-zero ambitions.

"By integrating Mastercard´s innovative Carbon Calculator into our services, our objective is to empower our customers to make more environmentally conscious purchasing decisions.

"This, along with our active participation in the UAE Sustainable Cards Pledge will help us reduce significantly the environmental impact of our operations. By minimising our ecological footprint our goal is to contribute positively to our planet´s health and our community's well-being."

Khalid Elgibali, Division President, Middle East & North Africa, Mastercard, said, "At Mastercard, we actively contribute to building a sustainable world in line with our ethos of doing well by doing good. To realise this vision, we are developing products and solutions that harness the power of our global network to encourage environmentally conscious consumer behaviour and promote sustainability across the banking and finance sector. We are delighted to see Ajman Bank reaffirm its commitment to sustainability through the signing of our UAE Sustainable Cards Pledge and making our Carbon Calculator available to its customers."

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Source: Ajman Bank

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