Mastercard has signed a memorandum of understanding (MoU) with CarbonSifr, a UAE-based climate tech company, to explore opportunities to accelerate climate action in the MENA region. The two partners will support small and medium enterprises (SMEs) with climate awareness and carbon footprint measurement initiatives, and enable players in the broader ecosystem to embed climate action into their payment processes with local data.
The innovation-driven partnership aims to equip small businesses in the region with innovative tools to measure, reduce and compensate for their carbon footprint.
Mastercard and CarbonSifr will also collaborate on the Priceless Planet Coalition, Mastercard’s global initiative that brings together merchants, banks, cities and consumers to restore 100 million trees worldwide with the aim of contributing to the fight against climate change. In the UAE, the Coalition works as a collaborative platform between Mastercard, Conservation International, Emirates Nature-WWF and the World Resources Institute (WRI) with the support of Dubai Charity Association.
“Pressure on climate action in the MENA region is increasing. Several governments have announced net-zero strategies and are taking tangible steps to implements them. With the UAE having hosted the 28th UN Climate Change Conference (COP28), the call for local companies to minimize their environmental footprint is stronger than ever. At CarbonSifr, we offer them easy-to-implement, high-integrity, trusted local climate tech solutions in line with international standards to help them drive their climate agenda and take tangible climate action,” said Mustafa Bosca, Co-founder and Chief Decarbonization Officer, CarbonSifr.
“At Mastercard, we are dedicated to minimizing the environmental and climate footprint of our own operations and have pledged to reach net-zero emissions by 2040. We are delighted to partner with CarbonSifr as we use our collective reach, technology and expertise to empower other businesses to contribute to a more sustainable future,” said Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East & Africa (EEMEA), Mastercard.
More than 70% of carbon dioxide equivalent (CO2e) emissions are generated in the supply chain of businesses, making carbon footprint measurement a challenge for merchants. Mastercard was among the first companies in the global payments industry to incorporate supply chain emission reductions into their net-zero targets. The technology giant has developed a supplier engagement program that is helping it decarbonize its supply chain and achieve its net-zero goal.
