Visa, a leading global payments technology company, has set a new global commitment to reach net-zero emissions by 2040, and that the company achieved carbon neutrality across its operations in 2020.
Meanwhile, this carbon neutrality achievement covers greenhouse gas emissions footprint from Visa’s Scope 1 (owned source), Scope 2 (purchased electricity) and business travel and employee commuting elements of Scope 3 (value chain) emissions.
Scopes 1, 2 and 3 are as defined by the Greenhouse Gas Protocol of the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD).
Visa also outlined plans to become a climate positive company through new partnerships and expanded initiatives to support sustainable commerce and the transition to a low-carbon economy beyond the company’s own footprint.
“Visa is committed to creating a more sustainable future,” said the Chairman and Chief Executive Officer of Visa, Al Kelly. “Our new net-zero commitment and enhanced efforts across our network in support of sustainable initiatives are immediate ways we will achieve our goals to help build a better future for our planet.”
Net-zero by 2040 – 10 years ahead of Paris Climate Agreement goal
As part of the commitment to reach net-zero emissions by 2040, Visa announced it is a new signatory of The Climate Pledge, an initiative co-founded by Amazon and Global Optimism, as well as a new member of the Climate Business Network, a World Wildlife Fund (WWF) initiative to accelerate action toward a net-zero future.
Visa’s net-zero commitment is aligned with emerging global standards and definitions and will include efforts with suppliers to abate a significant portion of the greenhouse gas footprint of the company’s purchased goods and services. Visa also has committed to set science-based targets through the Science Based Target initiative at the 1.5 degree Celsius ambition level.
These new commitments join Visa’s existing sustainability leadership, including its transition to 100 percent renewable electricity usage in 2020.
“This Earth Month Visa is using the power of our network to accelerate transformation in sustainability and economic recovery, while helping ensure that the planet and economies around the world thrive,” said Douglas Sabo, chief sustainability officer of Visa. “By prioritizing clean energy and sustainable practices, investing in environmentally innovative initiatives and engaging with corporate and civil society leaders on climate, we are committed to being a part of the global solution to climate change.”
Supporting Sustainable Commerce
Visa is expanding its initiatives to use its products, services, network, data, payments expertise and brand to support sustainable commerce and the transition to a low-carbon economy.
To this end, Visa announced its collaboration with the Cambridge Institute for Sustainability Leadership (CISL) to work together to identify new opportunities to apply electronic payments capabilities and the Visa network toward realizing a sustainable future. Results of the collaboration are anticipated in Summer 2021.
Visa’s collaboration with CISL complements the company’s efforts to work across its network to support a low-carbon future, including:
- Partnerships advancing sustainable payment cards and accounts
- Global initiatives supporting sustainable behaviors, such as in mobility and travel
- Developing sustainable insights to support stakeholders in commerce in understanding consumer barriers and drivers of sustainable living behaviors
- Using the brand’s platforms to inspire sustainable living among millions of consumers
Visa’s new goals and efforts to support sustainable commerce build upon the company’s existing recognized industry leadership in sustainability, including inclusion on the following: Dow Jones Sustainability North American Index, America’s Most Responsible Companies, 100 Best Corporate Citizens and 100 Most Just Companies.