Global payments technology company Visa announced today that the company achieved carbon neutrality across its operations in 2020, and has set a series of new environmental sustainability commitments, including pledging to reach net zero emissions by 2040.

Going beyond carbon neutrality, Visa launched plans to become a climate positive company, including initiatives to support sustainable commerce and the transition to a low-carbon economy beyond the company’s own footprint. The company has entered a collaboration with the Cambridge Institute for Sustainability Leadership (CISL) aiming to identify new opportunities to apply electronic payments capabilities and the Visa network toward realizing a sustainable future.

Douglas Sabo, Chief Sustainability Officer of Visa, said:

“This Earth Month Visa is using the power of our network to accelerate transformation in sustainability and economic recovery, while helping ensure that the planet and economies around the world thrive. By prioritizing clean energy and sustainable practices, investing in environmentally innovative initiatives and engaging with corporate and civil society leaders on climate, we are committed to being a part of the global solution to climate change.”

Along with the new climate initiatives, Visa announced that it has joined several sustainability-focused organizations, including the Climate Business Network, a World Wildlife Fund (WWF) initiative to accelerate action toward a net-zero future. The company also became a signatory of the Climate Pledge, an initiative co-founded by Amazon and climate change-focused organization Global Optimism, calling on signatories to achieve net zero carbon across their businesses 10 years ahead of the Paris Accord’s 2050 target. Additionally, Visa has committed to set science-based targets through the Science Based Target initiative (SBTi) at the organization’s most stringent 1.5 degree Celsius ambition level.

Al Kelly, Chairman and Chief Executive Officer of Visa, said:

“Visa is committed to creating a more sustainable future. Our new net-zero commitment and enhanced efforts across our network in support of sustainable initiatives are immediate ways we will achieve our goals to help build a better future for our planet.”