Global payment technology company Mastercard announced today an acceleration of its climate goals, pulling forward its target to reach net zero greenhouse gas emissions by ten years to 2040.

Mastercard initially set its 2050 net zero ambition in January 2021, and was the first company in the payments industry to have its emissions targets approved by the Science Based Targets initiative (SBTi). The company’s interim goals include reducing total Scope 1 and 2 emissions by 38% and Scope 3 emissions by 20% by 2025 from a 2016 baseline. Mastercard stated that its goals are aligned to the United Nations Business Ambition for a 1.5°C future.

The company outlined some of the initiatives its is pursuing in order to reach its climate ambitions. Mastercard has already transitioned to 100% renewable energy in for its operations, and its strategy going forward primarily centers on further decarbonization across its value chain. The company recently announced the launch of its new Sustainability Innovation Lab, serving as a global research and development center for climate conscious digital products and solutions, and also 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.

Earlier this year, Mastercard also announced that will begin linking incentive compensation for senior executives to the company’s environmental, social and governance initiatives, including its progress towards reaching its carbon neutrality goals.

Mastercard CEO Michael Miebach said:

“Tackling the global climate crisis will take all of us – and major businesses have a vital role to play. At Mastercard, we continue to raise the bar for ourselves, accelerating our commitment to reach net zero emissions. We will also use our technology and global network to inspire collective action that fosters a more sustainable digital economy.”