ECONOMY
® Mastercard Azerbaijan accelerates global deadlines for Sustainable Cards Program implementation during COP29
Azerbaijan is actively advancing its sustainable development goals, particularly in renewable energy investments and public-private partnerships for sustainable transportation, while promoting economic diversification and environmental protection.
With the UN Climate Change Conference (COP29) taking place in Baku from 11 November 2024, Azerbaijani companies are demonstrating their commitment to advancing their environmental sustainability-related practices and initiatives. So, in 2023 Mastercard pledged to remove first-use PVC plastics from payment cards on its network. By 2028, all newly produced payment cards will be made from recycled or bio-sourced plastics such as rPVC, rPET, or PLA1. Local banks in Azerbaijan are encouraged to accelerate this goal by phasing out the use of PVC plastic of first use in Mastercard payment cards by 2026. Several banks have already pledged their support, including PASHA Bank, Kapital bank, ABB bank, ATB, Yelobank, Rabitabank and Xalq bank. Their participation signifies a united front in promoting environmentally sustainable practices in the financial industry.
“Mastercard is proud to accelerate our sustainable card program in Azerbaijan, aligning with the country's development goals and demonstrating our commitment to reducing plastic waste while supporting environmental sustainability in the financial sector,” said Avşar Gürdal, the General Manager for Mastercard Türkiye and Azerbaijan.
Mastercard’s Sustainable Cards Program is part of its aim to embed sustainability into the heart of its business, reducing its own carbon and environmental footprint and offering partners and consumers the opportunity to do so, too. Mastercard is also committed to achieving net zero emissions by 2040 and to bringing new innovations and initiatives to market, such as the Priceless Planet Coalition, which aims to fund the restoration of 100 million trees, and the Carbon Calculator, which delivers a cardholder’s estimated carbon footprint based on their spending. Mastercard’s Sustainability Innovation Lab also serves as a center for sustainable digital products and a platform to co-create future solutions with partners.