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Mastercard kicks off massive climate change effort with Citi, IHS Markit, others

Mastercard has launched the Priceless Planet Coalition, a massive effort to combat climate change that will involve a five-year commitment to plant more than 100 million trees. It's enlisting the help of major corporate partners in its founding coalition, including Citibank, Santander UK, IHS Markit, bunq, Saks Fifth Avenue, L.L. Bean, the New York Metropolitan Transportation Authority, Transport for London and American Airlines, according to a company press release.

The partners will work to promote the use of public transportation as a means of reducing carbon emissions, and Mastercard will work with Citi Treasury and Trade Solutions to allow corporate card customers to contribute to reforestation efforts through their card purchases. IHS is the first company to come onboard in that program. 

"No matter who you are or what you do, climate change affects you," Ajay Banga, president and CEO at Mastercard, said in a company release. "But it has the biggest negative impact on those who are socially and economically vulnerable. The time for just negating our environmental footprint has passed."

Cover image: iStock