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Abu Dhabi Commercial Bank (ADCB) has unveiled a partnership deal with Mastercard for the first Mastercard Carbon Calculator. This calculator is an innovative tool supporting businesses’ sustainability goals by sharing data on the estimated carbon footprint of corporate expenditure.
ADCB is also working with its clients to transition to a net-zero economy by growing the suite of green products and services available. ADCB is also tapping into experience in the banking industry and its capabilities to promote clients’ sustainability goals.
ADCB Partners With Mastercard
The Mastercard Carbon Calculator was created by Mastercard and a Swedish fintech firm known as Doconomy. It seeks to inform customers on the estimated carbon footprint of purchases.
This tool will also assess the environmental effects of every purchase through a weighted calculation powered by the Åland Index. Several Mastercard and ADCB executives released the ADCB Mastercard Carbon Calculator at the COP28 global climate conference.
The Group Chief Operations Officer at ADCB, Mohammed Al Jayyash, opined that the bank was working on a climate strategy meeting the UAE’s inclusive and net zero economy goal. By working with Mastercard, the bank seeks to promote sustainability in its operations.
“Collaboration on this journey is paramount, and our partnership with Mastercard forms a key element of the Bank’s initiatives to promote sustainable business practices. We are proud to offer our corporate clients the Carbon Calculator, in partnership with Mastercard, which will help in the measurement of environmental impacts and facilitate sustainable decision-making,” Al Jayyash said.
ADCB Strengthens Commitment to Environmental Sustainability
ADCB will also be part of the Mastercard Priceless Planet Coalition. This coalition has a global initiative to unite banks, businesses, and citizens to champion climate change and restore 100 million trees.
Mastercard is a key partner for ADCB as the card issuer has set new benchmarks for the industry. The bank has committed to driving business operations towards net zero emissions by 2040. It is also working on creating a low-carbon regenerative economy.
By working with ADCB, Mastercard is also ramping up the adoption of its Carbon Calculator while mobilizing against climate change. The bank plans to use its network to give businesses access to tools that will improve the visibility of its environmental impact on purchases.
This partnership also aligns with the UAE’s goal of having net zero emissions by 2050 while meeting its global sustainability goals. It comes at a crucial time when businesses are increasing their efforts to lower carbon footprints.
