The Mastercard Global Sustainability Innovation Lab has opened its door to spearhead the development of environmentally aware digital products and solutions.
As the global economy quickly digitises, the Lab will focus on enabling businesses and consumers to alter how they produce, distribute, and acquire products and services, guaranteeing that both people and the earth can prosper.
Mastercard chose Stockholm, Sweden, as the location for the worldwide Lab since it has long been at the forefront of sustainable innovation, with strong consumer, political, and commercial commitment to transitioning to a green economy in support of the EU Green Deal.
“As we continue to build a more sustainable digital economy, the Sustainability Innovation Lab will enable us to co-create a robust portfolio of environmentally friendly solutions, uniting everyone – businesses and consumers alike – in climate action,” stated Kristina Kloberdanz (Pix), Chief Sustainability Officer, Mastercard.
Recognising that consumption must shift to a more sustainable paradigm to meet global carbon reduction targets, Mastercard is reimagining the future of commerce by collaborating on digital solutions. It will empower businesses, governments, and billions of consumers across its network to help preserve the environment.
The Lab would focus on solutions that enable sustainable spending and increase visibility and traceability across value chains for producing products that benefit both people and the environment.
It further analyses how technologies such as 5G, quantum, and advanced AI may be used to address environmental issues, building on Mastercard’s experience in impact-driven innovation in areas such as financial inclusion.
It would include an R&D Center focused on solutions for sustainable consumption and value chains, a “Labs as a Service” platform that will bring together partners and customers to co-create sustainable shared-value solutions, and a Mastercard Experience Center for hands-on product demos and in-person engagement.
Mastercard recently joined the 1.5°C Supply Chain Leaders project to address emissions throughout its network of suppliers to further drive collective climate action as part of its commitment to attaining nett-zero emissions by 2050.
In addition, the company has brought together more than 65 partners from around the world as part of the Priceless Planet Coalition, which seeks to restore 100 million trees. — @Green