Mastercard has announced the launch of its Sustainability Innovation Lab for the development of climate-conscious digital products and solutions.
Focused on driving business and consumer growth empowerment, the Mastercard lab is keenly focused on the success of their production, distribution, and purchase processes.
Based in Stockholm, Sweden, the global lab serves as an endorsement of the EU’s Green new deal and reputation for sustainable innovation.
Mastercard has so far built partnerships with startup innovators operating in the Nordics. The fintech company recently partnered with Doconomy, a Swedish fintech, to create the Mastercard Carbon Calculator.
Describing the role of Sustainability Innovation Lab and the reason for placing sustainability at the forefront, Kristina Kloberdanz, the chief sustainability officer at Mastercard, said it is a co-creation of a robust portfolio of environmentally friendly solutions.
Through combined digital solutions intended for the empowerment of businesses, governments, and billions of customers across the Mastercard network and the preservation of the environment, Mastercard seeks to reimagine the future of commerce globally.
The Lab will specifically focus on solutions that bring about sustainable spending for consumers with plans to take action for the health of the environment.
Again, this will ensure the generation of adequate visibility, accountability and traceability across the value chain, further resulting in products that deliver a positive impact for the people and the planet.
The new Sustainable Innovation Lab will be a centre for research and development, where innovative and goal-driven startups can conduct climate-centred research, bringing about digital products and resilient solutions to build a long-lasting environment.
The Lab was also built on a goal to more importantly leverage the experience Mastercard provides in impact-driven innovation with hands-on product demos and in-person engagement.
This places focus on financial inclusion, exploration of new technologies which includes 5G, advanced AI, and quantum. All these are fixed on a mission to address environmental challenges.