Mastercard has announced that it has partnered with CarbonSifr, a UAE-based climate tech company, for collaboration on climate action in the MENA region.
Through a Memorandum of Understanding (MoU), the two partners aim to equip small businesses in the region with tools to measure, reduce and compensate for their carbon footprint.
Mastercard and CarbonSifr will also collaborate on the Priceless Planet Coalition, Mastercard’s global initiative that brings together merchants, banks, cities and consumers to restore 100 million trees worldwide.
In the UAE, the Coalition works as a collaborative platform between Mastercard, Conservation International, Emirates Nature-WWF and the World Resources Institute (WRI) with the support of Dubai Charity Association.
Speaking about this, Mustafa Bosca, Co-founder and Chief Decarbonization Officer, CarbonSifr, said: “Pressure on climate action in the MENA region is increasing. Several governments have announced net-zero strategies and are taking tangible steps to implements them. With the UAE having hosted the 28th UN Climate Change Conference (COP28), the call for local companies to minimize their environmental footprint is stronger than ever.”
Adding: “At CarbonSifr, we offer them easy-to-implement, high-integrity, trusted local climate tech solutions in line with international standards to help them drive their climate agenda and take tangible climate action.”
“At Mastercard, we are dedicated to minimizing the environmental and climate footprint of our own operations and have pledged to reach net-zero emissions by 2040. We are delighted to partner with CarbonSifr as we use our collective reach, technology and expertise to empower other businesses to contribute to a more sustainable future,” commented Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East & Africa (EEMEA), Mastercard.