Global payment giant Mastercard has launched a “sustainability innovation lab” to enhance its work on financial inclusion, 5G technology, and advanced artificial intelligence to solve environmental challenges.
The lab, based in Stockholm, Sweden, will consist of a research and development center focused on solutions for sustainable consumption and value chains, the company said in a statement.
The new initiative also offers a “labs as a service” platform, which aims to enable collaborations between Mastercard’s partners and their customers to create sustainable “shared-value solutions”.
The lab is part of Mastercard’s wider plans to expand its portfolio of environmentally conscious digital products and solutions.
The company said it selected the Swedish capital as its base because of the country’s strong consumer, political and business commitment to transitioning to a green economy. Swedish asset managers and asset owners are among some of the leading responsible investors globally.
Kristina Kloberdanz, chief sustainability officer at Mastercard, said: “Fostering innovative solutions with practical applications is urgently needed to achieve global climate change goals.
“As we continue to build a more sustainable digital economy, the Sustainability Innovation Lab will enable us to co-create a robust portfolio of environmentally friendly solutions, uniting everyone – businesses and consumers alike – in climate action.”
Mastercard recently collaborated with Swedish fintech Doconomy to create a ‘carbon calculator’. The firm also aims to support climate-focused fintech innovation through a cards and payments challenge and a start-up engagement program.
Financial services companies have been stepping up their efforts on climate change and sustainability in recent months. At the end of August, PNC Financial Services announced a $20 billion commitment to environmental finance, while earlier the same month insurance group Northwestern Mutual launched a $100 million impact investment fund.
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