Sustainable Mastercard cards in UAE to make up 80% of total by 2025, marking a pioneering move through the Sustainable Cards Pledge initiative globally
The global financial giant, Mastercard, has launched an ambitious sustainability initiative in the United Arab Emirates (UAE). The UAE Sustainable Cards Pledge aims to make 80% of Mastercard cards in the UAE market sustainable by 2025, addressing a global environmental concern related to first-use plastics in payment cards.
Mastercard's commitment to sustainability aligns with the objectives of the UAE's Year of Sustainability and the upcoming COP28 global climate conference. As of now, 519 issuers across 97 countries have signed up to transition 388 million cards to recycled and bio-based materials through Mastercard's certification scheme.
The UAE was chosen as the launchpad for this initiative due to the nation's commitment to protecting the climate and environment. The banking industry in the UAE has shown a strong sustainability momentum, with a 32% growth of green finance in 2022.
Mastercard's sustainable cards program not only focuses on the production of cards but also provides a program to enable people to recycle their cards. From January 1, 2028, all Mastercard's newly produced plastic payment cards will be made from more sustainable materials.
The goal of the initiative is to make it easier for consumers and businesses to reduce the environmental impact of their wallets. Mastercard's sustainable cards program aligns with the principles of the circular economy, ensuring that waste is minimised and resources are kept in use for as long as possible.
Interestingly, Mastercard has not yet disclosed which banks and financial institutions have joined the UAE Sustainable Cards Pledge. However, it is known that more than ten banks and financial institutions have signed up for the pledge.
Mastercard's UAE Sustainable Cards Pledge highlights Mastercard's role as a force multiplier for positive change. The UAE will be the first country in the world to achieve this goal, three years ahead of Mastercard's global target of 2028. Mastercard is committed to achieving net-zero emissions by 2040.
This initiative is a significant step towards reducing the tons of harmful landfill waste created by discarded cards, which are replaced on average every 3-4 years. Approximately 6 billion payment cards are produced every year, typically from PVC, a material whose recovery is complex.
In conclusion, Mastercard's UAE Sustainable Cards Pledge is a promising initiative that aligns with the global efforts to combat climate change and promote sustainability. The initiative not only focuses on the production of sustainable cards but also encourages recycling and adheres to the principles of the circular economy. As more banks and financial institutions join the pledge, we can look forward to a greener future.
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