Global payment technology company Mastercard announced today the launch of a new Sustainability Innovation Lab to spearhead the development of the company’s portfolio of environmentally conscious digital products and solutions.

The lab will serve as a global research and development center for climate conscious digital products and solutions, and support impact-driven startups and customers, exploring how technologies such as 5G, quantum and advanced AI can be applied to address environmental challenges.

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Based in Stockholm, Sweden, the Sustainability Innovation lab will consist of an R&D Center focused on solutions for sustainable consumption and value chains, a “Labs as a Service” platform to bring together partners and customers to help co-create sustainable shared-value solutions, and a Mastercard Experience Center for hands-on product demos and in-person engagement.

Mastercard said that the lab will target solutions that enable sustainable spending, and increase visibility and traceability across value chains for producing products that have a positive impact on both people and the planet. The company recently unveiled a Carbon Calculator tool for banks, enabling consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories. The company stated that one of the lab’s initial priorities will be to ensure that the Carbon Calculator feature is seamlessly implemented by customers.

Kristina Kloberdanz, Chief Sustainability Officer, Mastercard, said:

“Fostering innovative solutions with practical applications is urgently needed to achieve global climate change goals. As we continue to build a more sustainable digital economy, the Sustainability Innovation Lab will enable us to co-create a robust portfolio of environmentally friendly solutions, uniting everyone – businesses and consumers alike – in climate action.”