Mastercard has launched a new Sustainability Innovation Lab that will spearhead the development of its portfolio of environmentally conscious digital products and solutions. The lab specifically focuses on ways to empower both businesses and consumers in the transformation of their production, distribution, and purchase processes.
The global lab will be based in Stockholm, Sweden, as an endorsement of the EU’s Green new deal and reputation for sustainable innovation. Chief Sustainability Officer at MasterCard, Kristina Kloberdanz, described the role of Sustainability Innovation Lab’s intent to “co-create a robust portfolio of environmentally friendly solutions.”
Mastercard is working towards reimagining the future of commerce through collaborative digital solutions aimed at empowering businesses, governments, and billions of customers across its network in turn preserving the environment. The lab will narrow its focus on solutions that enable sustainable spending where more consumers plan on taking action for the environment. This in turn also generates visibility and traceability across the value chain resulting in products that deliver a positive impact for people and the planet.
Mastercard has a track record of building partnerships with startup innovators operating in the Nordics, a good example would be the recent partnership with Doconomy (a Swedish fintech) to create the Mastercard Carbon Calculator.
The new Lab will act as a research and development center for climate-centered digital products and solutions while supporting impact-driven startups. It aims to further build on the experience MasterCard provides in impact-driven innovation particularly in the areas of financial inclusion, exploration of new technologies such as 5G, advanced AI, and quantum, which can all be applied towards addressing environmental challenges.
Mastercard launches its #Sustainability Innovation Lab, a global research and development center for climate conscious #digital products and solutions
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— Mastercard Europe (@MastercardEU) September 20, 2021