Mastercard, AXA Partner on Forest Restoration
Global payment technology company Mastercard and AXA Group’s AXA Hong Kong and Macau announced today a new partnership aimed at empowering AXA’s customers to support forest restoration through Mastercard’s tree-planting initiative Priceless Planet Coalition.
Launched in 2020, Priceless Planet enables partners to contribute to the goal of restoring 100 million trees by 2025, integrating contributions to the coalition with consumer spending and behaviors. The Coalition is currently running 18 restoration projects around the world.
AXA said that it has also activated a new customer engagement campaign to plant trees worldwide on behalf of customers who have downloaded and are registered for its insurance and health service digital platform, “Emma by AXA”, from now until the end of the year.
Sally Wan, Chief Executive Officer, AXA Greater China, said:
“At AXA, our purpose is to act for human progress by protecting what matters. As one of the global insurance leaders in combatting the biggest challenge of our century – climate change, we certainly have an important role to play and are honored to be the first insurer joining the Coalition to amplify our impact with like-minded partners.”
Last year, AXA announced a series of initiatives to help tackle deforestation and protect biodiversity, including plans to invest €1.5 billion to support sustainable forest management. In April 2021, the company also issued its inaugural green bond in a €1 billion offering with eligible categories for funds including the financing of natural resources and sustainable forestry projects.
The announcement also follows a series of sustainability initiatives by Mastercard, including the acceleration of its climate goals last year when the company pulled forward its target to reach net zero greenhouse gas emissions by 10 years to 2040. In March 2021, Mastercard also issued its first Sustainability Bond, allotting $600 million to support carbon reduction, and announced that it will begin linking incentive compensation for senior executive to its ESG initiatives.
Helena Chen, Managing Director, Hong Kong and Macau, Mastercard, said:
“Through the Priceless Planet Coalition’s long-term commitment to environmental conservation, Mastercard is uniting its network in climate action to achieve the goal of restoring 100 million trees by 2025. In Hong Kong, Mastercard proudly welcomes AXA as the Coalition’s first insurance member in this market. Mastercard is pleased to work with AXA, a partner that shares its commitment to the wellbeing of our planet.”