Ajman Bank has initiated a collaboration with Mastercard aimed at leveraging the technology giant’s innovative solutions to drive sustainability. The award-winning bank will implement Mastercard’s Carbon Calculator and signed its UAE Sustainable Cards Pledge.
Developed by Mastercard in partnership with Swedish fintech company Doconomy, the Carbon Calculator allows consumers to receive a snapshot of the estimated carbon emissions generated by their purchases. It also offers them the option to contribute to reforestation through Mastercard’s Priceless Planet Coalition. Banks and financial institutions can seamlessly integrate the feature into their mobile apps through APIs that are available on Mastercard Developers website.
Announced at the 28th UN Climate Change Conference (COP28) in Dubai, the UAE Sustainable Cards Pledge mobilizes the country’s banks to switch to cards made from more sustainable materials- including recycled or bio-sourced plastics such as rPVC, rPET, or PLA1 – by 2025. This makes the UAE the first nation in the world to do so three years ahead of Mastercard’s global deadline of 2028. The initiative has witnessed a strong uptake among key industry players, which means that 80% of Mastercard cards issued in the local market from 2025 will be made from more sustainable materials . To date, 576 issuers from 100 countries have signed up to transition 449 million cards across Mastercard’s network.
The company is supporting its issuing partners through the transition away from first-use PVC by connecting them with approved suppliers they can use to produce their cards. It has also prepared a dedicated toolkit that will assist them in converting their card portfolio.
“As a natural extension of our long-standing strategic partnership with Mastercard, our latest collaboration is in line with our commitment to sustainability and the UAE’s net-zero ambitions. By integrating Mastercard’s innovative Carbon Calculator into our services, our objective is to empower our customers to make more environmentally conscious purchasing decisions. This, along with our active participation in the UAE Sustainable Cards Pledge will help us reduce significantly the environmental impact of our operations. By minimizing our ecological footprint our goal is to contribute positively to our planet’s health and our community’s well-being,” said Mustafa Al Khalfawi, CEO of Ajman Bank.
“At Mastercard, we actively contribute to building a sustainable world in line with our ethos of doing well by doing good. To realize this vision, we are developing products and solutions that harness the power of our global network to encourage environmentally conscious consumer behavior and promote sustainability across the banking and finance sector. We are delighted to see Ajman Bank reaffirm its commitment to sustainability through the signing of our UAE
Sustainable Cards Pledge and making our Carbon Calculator available to its customers,” said Khalid Elgibali, Division President, Middle East & North Africa, Mastercard.
A 2021 Mastercard study shows that nine in 10 adults in the Middle East are willing to take personal action on sustainability issues. Over 72% of respondents in the region think it is now more important for businesses to do their part for the environment, and more than 25% are going to stop using brands that do not intend to behave sustainably. Meanwhile, nearly 15% admitted boycotting companies that have not adopted sustainable values. The top three issues the participants want companies to focus on include safeguarding the health and wellbeing of their employees, reducing air and water pollution, and offering more sustainable and durable products.
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