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Mastercard partners with CarbonSifr for climate action in MENA

Wednesday 17 January 2024 15:49 CET | News

Mastercard has signed a memorandum of understanding with CarbonSifr, a UAE-based climate tech company, to accelerate climate action in the MENA region. 

This alliance is focused on supporting small and medium enterprises (SMEs) with climate awareness and carbon footprint measurement initiatives. Moreover, it will help players in the broader ecosystem to root climate action into their payment processes with local data.

Mastercard has signed a memorandum of understanding with CarbonSifr, a UAE-based climate tech company, to accelerate climate action in the MENA region.

 

Tools to measure, reduce, and compensate for carbon footprint

According to Mastercard, it is quite challenging for businesses to measure their carbon footprint as more than 70% of carbon dioxide equivalent (CO2e) emissions are generated in their supply chain. On this premise, the partnership between Mastercard and CarbonSifr aims to provide small businesses in the region with the proper tools to measure, reduce, and compensate for their carbon footprint. 

Mastercard also intends to minimise the environmental and climate footprint of its operations, with the company planning to reach net-zero emissions by 2040. Therefore, through this alliance, Mastercard aims to leverage its collective reach, technology, and expertise to help other businesses contribute to a more sustainable future, as it is already among the first companies to have incorporated supply chain emission reductions into its net-zero targets. To be more specific, they have developed a supplier engagement program that is helping them decarbonize their supply chain and achieve their net-zero goal. 

Moreover, according to the official announcement, Mastercard and CarbonSifr will also collaborate on the Priceless Planet Coalition, Mastercard’s global initiative that brings together merchants, banks, cities and consumers. This event is designed to restore 100 million trees worldwide to contribute 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 the Dubai Charity Association.

Commenting on the partnership, CarbonSifr said that pressure on climate action in the MENA region is increasing and that several governments have announced net-zero strategies, taking important steps to implement them. Moreover, with the UAE having hosted the 28th UN Climate Change Conference (COP28), the call for local companies to minimise their environmental footprint is stronger than ever. Therefore, the company will provide easy-to-implement and trusted local climate tech solutions in line with international standards to help them drive their climate agenda and take tangible climate action.

More about CarbonSifr

UAE-based startup CarbonSifr is a tech company that develops intuitive climate tech solutions that are easy to implement for organisations and user-friendly for day-to-day activities. By connecting different parts, the company aims to accelerate climate action, helping its customers to take tangible climate action. 

The startup helps companies in sectors like ecommerce, grocery delivery, and mobility to integrate climate action into their products. This enables 'decarbonisation at scale'. The company achieves this by integrating its application programming interface into a client's online customer touchpoints, which allows them to measure and report their carbon footprint. By doing so, companies can set realistic sustainability goals and engage with their customers. CarbonSifr's most popular product is its carbon emission calculation engine, which can estimate emissions from online transactions by leveraging information such as vehicle type and distance travelled.


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Keywords: partnership, climate, payment processing, technology, environement changes
Categories: Payments & Commerce
Companies: CarbonSif, Mastercard, Target
Countries: Middle East, United Arab Emirates
This article is part of category

Payments & Commerce

CarbonSif

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Mastercard

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Target

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