Mastercard has committed up to $300 million in the fight against COVID-19. These funds are supporting the search for a cure and will aid small businesses and financially vulnerable communities around the world. The following are a few of our key commitments:
In 2018, Mastercard committed $500 million to inclusive growth from the 2017 tax relief act benefit. This commitment led to the creation of the Mastercard Impact Fund. As of June 2020, the Fund has committed over $155 million in grants.
The Impact Fund aligns its strategic grant making against four priorities:
Examples of philanthropic grants made by the Impact Fund toward these four priorities and across diverse geographies include:
Financial Security: A partnership with Accion International to empower strivers (high potential microentrepreneurs with the potential to grow and create jobs) to reach their full potential through the use of digital services and training. The grant will also help support the modernization of 7 financial service providers that serve low-income consumers to help them reach up to 8 million people and 3 million strivers over the next four years. To-date, countries in which Accion will execute this work includes Bolivia, Colombia, Ecuador, India, Indonesia and Nigeria.
Economic Development: A partnership with Accelerator for America to help realize its goal of helping 50 U.S. Mayors drive investments into economically distressed communities using insights from public and private data sources. Additionally, Mastercard has provided in-kind support in the form of data expertise and the Inclusive Growth Toolkit (a new Mastercard product), along with research, supported by the Impact Fund, from the Brookings Institution on the relationships among geography, industry and skills.
Future of Workers: The launch of Mastercard Academy 2.0, a flagship skilling program that bundles the expertise, assets, and philanthropic investments of the company to provide 100,000 Indonesians with technology skills by 2022. The academy will encourage girls to pursue careers in STEM via Mastercard’s Girls4Tech program; provide young adults with cybersecurity certification and job placement support; help entrepreneurs protect their assets through a cybersecurity toolkit; and provide mid-career professionals with access to industry experts.
Data for Good: A $50MM collaborative co-funded with the Rockefeller Foundation to create a new field of data science for social impact that will build the capacity of non-profits to use data insights for improved decision-making and service delivery. The grant currently supports DataKind, a global non-profit committed to helping social impact organizations scale their impact through the use of data insights; and Benefits Data Trust, which seeks to improve health and economic mobility for at least 5 million low-income people in the United States.
Five years ago, we made a commitment to bring 500 million financially excluded individuals into the digital economy. Having achieved that goal, we’re focused on extending our commitment, with plans to bring in a total of a billion individuals by 2025.
Alongside that, we committed to helping 50 million micro and small businesses with a direct focus on providing 25 million women-owned and -run businesses with solutions that can help them grow their businesses.
In April 2020, Mastercard joined RE100. In support of this effort, we are committed to purchasing 100% renewable electricity for all our global operations and lessen our dependence on unbundled renewable energy credits by investing in new renewables projects that actually bring more power onto the grid.
We’re making powerful strides toward that goal by expanding our onsite solar footprint at our owned and operated data centers. In 2019, Mastercard generated over 2,600 MWh of renewable energy through solar panels.
Pay equity: Our aim is to achieve parity across all measures.
Gender pay equality (%): In 2019, our assessment and validation process found women at our company earn $1.00 to every $1.00 men earn, based on our latest analysis of employees at the same level, doing the same role. The median pay for women globally is 92.2% of the median for men.
Racial pay equality (%): In the US, employees of color earned $1.006 compared to every $1.000 earned by Caucasian employees. The median pay for people of color is 93.0% compared to the median pay for Caucasians in the U.S.
Together with partners who share a commitment to doing well by doing good, the Priceless Planet Coalition, created to unite corporate sustainability efforts and make meaningful investments, is pledging to plant 100 million trees over five years.
Anti-corruption: The Ethics and Compliance system includes a mandatory compliance training curriculum with a two-year rotation of more than 10 courses. Every employee is trained on the Mastercard Code of Conduct, anti-money laundering, anti-corruption as well as workplace conduct issues like sexual harassment and discrimination. We comply with anti-corruption laws around the world. We have implemented training and internal controls to proactively manage corruption risks, wherever they arise. We have developed an innovative compliance platform to allow us to regularly monitor compliance with anti-corruption procedures across our global operations, and each year we conduct a comprehensive anti-corruption risk assessment.
Protected ethics advice and reporting mechanisms: An independent third party hosts our Ethics Helpline, a mechanism for employees, contingent workers, third parties and the public at large to report potential violations of law, our Code of Conduct, other company policies or our Franchise rules.
Alignment of strategy and policies to lobbying: Mastercard is committed to engaging appropriately in the political process and policy arena in a manner that informs and affects the debate concerning issues related to our business, investors and customers including but not limited to payment system innovation, data privacy, the regulation of digital transactions, taxation and other issues disclosed in the company’s public filings. For more information on our oversight, policies and lobbying disclosure reports, please see our Political Activity and Public Policy Statement.
We are committed to continually engaging with a variety of stakeholders to better understand their views and sustainability concerns.
Employees: We maintain continuous engagement with our people through a variety of channels, including town halls, digital and face-to-face communications, and intranet communications. Feedback is encouraged through the Experience Survey, manager dialogue and our Ethics Helpline.
Financial institutions, merchants and consumers: We provide financial institutions with solutions to help them increase revenue by driving preference for our products. We help merchants, financial institutions and other organizations by delivering data-driven insights and other services that help them create and grow simple and secure customer experiences. For consumers, we provide faster, safer and more convenient ways to pay and transfer funds.
Suppliers: We work closely with our suppliers to ensure that we can source responsibly and conduct business with integrity. Our suppliers are expected to comply with the high standards of ethics communicated in our Supplier Code of Conduct and promote these standards within their own supply chains. We also engage and support our suppliers in managing, reporting and reducing their greenhouse gas emissions.
Community and nongovernmental organizations: Mastercard is involved in several partnership efforts with community organizations and NGOs on issues relevant to their organizations and our business, including financial innovation, financial education, philanthropy and academic research.
Government and regulators: We help national and local governments drive increased financial inclusion and efficiency, reduce costs, increase transparency to reduce crime and corruption, and advance social programs. We also advocate for public policy issues that are significant to our business and our ability to serve our customers by educating and providing context to key decision-makers in government.
Shareholders: We engage with the investment community through direct meetings, regional roadshows, earnings calls and investor conferences.
We are enhancing our end-to-end talent program to ensure we’re recruiting, developing and retaining black employees at every level. We have committed to growing our Black leadership at the VP-level and above by 50% by 2025.
Greenhouse gas (GHG) Emissions: We report our Scope 1, 2 and 3 emissions annually in our Sustainability Report and through the CDP Climate Change questionnaire.
Science-based target to reduce GHG emissions: Approved by the Science-Based Targets (SBT) initiative, which aligns to a 1.5 degrees Celsius climate trajectory, our target is a 38% absolute reduction in scope 1 and 2 greenhouse gas emissions by 2025 from our 2016 base year, and a 20% reduction in scope 3 emissions over the same period. Supplier Engagement Goal: Engage with suppliers that contribute 75% of Mastercard’s Supply Chain GHG Emissions by 2025 with a baseline year of 2016 (0%).
TCFD Aligned Reporting: We are committed to undertaking the recommendations of the Taskforce on Climate-Related Financial Disclosures for enhancing our climate disclosures.
For the second year, we increased and met our goal for waste diversion, achieving 80% for 2019 in three U.S. offices. We’ve increased that goal to 85% waste diversion in 2020, with an eventual end goal of zero-waste in our owned facilities in the U.S.
We have pledged to invest $500 million in Black communities over the next five years by focusing on three areas: expanding city programs to support black communities, affordable financial tools and services, and capital and resources for Black-owned businesses.
As an extension of this commitment, Mastercard, in partnership with the Association for Enterprise Opportunity (AEO) will support the economic resilience of 300 Black-owned small businesses in St. Louis through the development and deployment of “virtual Chief Financial Officer (CFO)” technology designed to specifically address gaps in cash flow and liquidity and equip Black-owned small businesses with the digital tools to efficiently absorb and deploy the capital they receive. By piloting this technology platform with Black-owned small businesses in St. Louis, Mastercard and partners will utilize their extensive existing network in the city and develop a technology scalable to Black communities and other communities of color throughout the country.
Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.