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Mastercard welcomes Siemens Software to the Priceless Planet Coalition
Mastercard welcomes Siemens Digital Industries Software into the Priceless Planet Coalition, which aims to restore 100 million trees by 2025, to collaborate in the movement against climate change. Together, the two strategic partners of Expo 2020 Dubai will work to bring sustainability issues at the forefront of the event and empower businesses and consumers to take collective action through the power of technology.
In the UAE, efforts of the collaboration will be primarily focused on restoring the country’s mangrove ecosystem. With an area of over 150 km2, the UAE enjoys the largest mangrove coverage in the region. The restoration of mangroves can be an effective nature-based solution to capture CO2 and mitigate climate change and its impacts, as mangroves can store up to four times more carbon than tropical forests.
In addition, Mastercard will be participating in Siemens’ MindSphere Future World Series at Expo 2020 Dubai. The companies will host a hackathon that challenge technology enthusiasts to create an Internet of Things (IoT) solution, which displays different methods of transportation, calculates their carbon emissions, and recommends the most eco-friendly routes through a single mobile application.
“We welcome a like-minded partner like Siemens to join our growing network and leverage the power of technology in creating a greener tomorrow. Through the Priceless Planet Coalition, our goal is to synergize the efforts of businesses and consumers alike and transform passion and concern for the environment into meaningful and impact-driven action.” said Gaurang Shah, Head of Products EEMEA, Mastercard.
“Siemens has long championed sustainable movements across the communities we operate in. We are proud to become a member of the Priceless Planet Coalition and work with Mastercard in fighting climate change on a regional and global scale. Together, we want to inspire organizations and consumers into joining forces and working towards the betterment of our planet,” said Eryn Devola, Senior Vice President of Sustainability at Siemens Digital Industries.
As a payments technology company with a mission to build a more inclusive, sustainable world, Mastercard continues to be a strong advocate for environmental stewardship, and this is highlighted in its Annual Sustainability Report. Since its launch, the Priceless Planet Coalition now has more than 80 partners globally. The company also unveiled an acceleration of its net zero timeline by a decade, from 2050 to 2040, building on existing commitments to reduce greenhouse gas emissions aligned with 1.5-degrees Celsius. Furthermore, it also issued a $600 million sustainability bond to support carbon reduction, supporting environmental choices for customers, and fostering inclusive growth.
In addition, the payments leader continues to offer environmentally focused products and services, such as cards made from sustainable materials to reduce plastic waste, and so far it has exceeded 10 million cards made from approved sustainable materials using Mastercard’s Sustainable Card Materials Directory.
