Renewable Banking: How Mastercard Is Cutting Emissions

As the global climate crisis intensifies, organisations are being called to act with urgency and purpose. 

In 2024, global energy consumption surged, driven by the need for cooling during record heatwaves, according to the International Energy Agency (IEA). 

This underscores a dangerous feedback loop –  higher temperatures fuel greater energy demand, which in turn accelerates climate change.

Mastercard is confronting this challenge head-on by embedding sustainability into every facet of its business.

Mastercard’s climate commitment

Mastercard’s approach goes beyond emissions reduction, positioning environmental responsibility as a strategic pillar on par with finance and cybersecurity. 

The approach is about future-proofing operations, strengthening communities and leading by example in the transition to a low-carbon economy – as recommended by the IEA.

“The IEA has long championed energy efficiency as the ‘first fuel’, as it is not only the most secure energy resource but also among the most cost-effective measures to cut energy bills and reduce greenhouse gas emissions,” comments Dr Fatih Birol, Executive Director at IEA.

“This 20th edition of our Training Week marks a major milestone, as through the programme more than 3,000 policy makers from all parts of the world have now been instilled with the skills and knowledge necessary to implement effective energy efficiency policies.”

Since 2019, Mastercard has powered 100% of its global operations with renewable electricity. 

This achievement spans all company-owned and operated facilities worldwide, through a combination of onsite generation, renewable energy certificates and clean energy investments.

This is a deliberate step towards breaking the link between business growth and carbon output, the commitment to renewable energy is foundational to Mastercard’s broader net zero ambition.

Scalable onsite energy innovation

Mastercard is investing heavily in onsite renewable energy projects to support both operational continuity and decarbonisation.

"We are demonstrating that profitable businesses can simultaneously be good neighbors — that business success and community well-being are fundamentally connected," Ellen Jackowsi, Chief Sustainability Officer and EVP at Mastercard and Tara Maguire, Executive Vice President for Financial Operations for Mastercard said in a Mastercard joint blog.

In O’Fallon, Missouri, construction is underway on a 40-acre solar array to power its largest technology hub. 

Once operational, the array will enable the energy-intensive facility to run independently from the local grid – enhancing resilience during extreme weather events.

At its global headquarters in Purchase, New York, Mastercard is installing a closed-loop geothermal system. 

This involves drilling 160 boreholes, each 600 feet deep, to create a sustainable heating and cooling solution powered by renewable electricity. 

This new system will replace a natural gas-based system, helping reduce one of the company’s largest sources of direct fossil fuel use.

Solar panels are also being deployed across Mastercard offices globally, including Dubai, Harrogate in the UK, Kansas City, and additional facilities at the Purchase campus.

In St. Louis, adjacent land has been secured for further solar infrastructure to power Mastercard’s data centre. 

Half the land will be preserved as green space and all displaced trees will be restored as part of Mastercard’s Priceless Planet Coalition — a global initiative to restore 100 million trees across six continents.

Climate targets and supply chain action

Mastercard’s climate strategy is rooted in science. 

Its targets, validated by the Science Based Targets initiative (SBTi), include net zero emissions across Scopes 1, 2 and 3 by 2040. 

Interim targets for 2025 aim to reduce Scope 1 and 2 emissions by 38% and Scope 3 by 20% using a 2016 baseline. 

By 2023, Mastercard had already surpassed those goals, achieving a 48% reduction in direct emissions and a 40% cut in indirect emissions.

Recognising that the majority of its carbon footprint lies in its value chain, Mastercard actively engages suppliers to report and reduce emissions. 

In 2023, 91% of suppliers — representing 85% of supply chain emissions — disclosed their emissions, with many adopting science-based targets of their own. 

Mastercard supports this with tools, resources and collaboration on renewable energy adoption and efficiency.

Sustainability strategies

Environmental stewardship is embedded into Mastercard’s business model, being seen as essential for long-term resilience, innovation and stakeholder trust.

The company’s sustainability efforts extend beyond flagship infrastructure projects. 

Across the organisation, teams are streamlining operations to reduce energy consumption — whether by factoring emissions into real estate decisions, monitoring server energy use or consolidating infrastructure to minimise waste.

Mastercard has established itself as a sustainability leader within the financial services sector. 

Its achievements, from powering all operations with renewable electricity to pioneering large-scale onsite clean energy systems,  illustrate what’s possible when climate action is embedded into corporate strategy.

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