Africa, like many other parts of the world, continues to battle the effects of climate change, which include extreme weather events like droughts and floods. Collaboration has become essential as we urgently invest in innovative ways to inspire collective action to address climate change.
Given the urgency of this mission, Premier Bank, an Islamic financial institution in Somalia, has joined the Priceless Planet Coalition as a strategic partner. Mastercard launched the Priceless Planet Coalition last year to unite the efforts of consumers, financial institutions, merchants, and cities to fight climate change through the restoration of 100 million trees by 2025, together with climate science and forest restoration experts.
Premier Bank and Mastercard share a commitment to support efforts that encourage consumer action, support reforestation efforts and drive positive impact on the environment. The Priceless Planet Coalition now features over 70 partners globally, including Expo 2020 Dubai, Network International and Emirates NBD.
“At Premier Bank we believe that together, we can make a difference in the communities in which we do business. The need to conserve our environment is a crucial priority that we will keep investing in, in order to pursue a sustainable future where growth is shared. As a member of the Priceless Planet Coalition, we look forward to joining Mastercard and other partners in this great fight to leverage partnership for maximum positive impact,” said Mr. Osman Dualle, CEO – Premier Bank Ltd
“The Priceless Planet Coalition requires a united effort everywhere, and we are delighted to welcome Premier Bank as the first local partner from Africa. Research has shown that the effect of climate change on vulnerable communities are heightened, so every commitment that drives positive environmental change, also advances inclusive growth. Mastercard remains committed to sustainability in order for everyone to prosper well into the future,” said Raghav Prasad, Division President, Sub-Sahara Africa.
The Priceless Planet Coalition aims to reinforce a restoration model that’s not only focused on planting trees but on re-growing forests in geographies with the greatest need and most potential for a positive climate, community, and biodiversity impact. Through rigorous science-based best practices and the expertise of forest restoration partners, the Makuli Nzaui landscape in Kenya has been among the first locations identified for restoration.
In Mastercard’s most recent study on sustainability, research revealed a marked increase in consumer passion for the environment, as personal attitudes toward the environment evolve as a result of COVID-19. In the Africa region, 9 in 10 people stated they’re willing to take personal action to combat environmental and sustainability issues.
Mastercard continues to support partners, customers, and consumers by offering environmentally focused products and services. These include cards made from sustainable materials to reduce plastic waste, and the Mastercard Carbon Calculator, a feature that banks can add to mobile apps to give consumers a snapshot of the carbon emissions generated by their purchases across spending categories.
Mastercard also launched its Sustainability Innovation Lab – a global R&D centre for sustainable digital products and solutions, which will also provide a platform to innovate and co-create with impact-driven start-ups, customers and partners.
The company has also pledged to reach net-zero emissions by 2050, building on existing commitments to reduce greenhouse gas emissions aligned with 1.5-degrees Celsius. Mastercard is also now linking executive compensation to global ESG priorities, including carbon neutrality, financial inclusion and gender pay parity. This is all in support of the company’s goal of building a more sustainable and inclusive digital economy.