Monday, September 20, 2021, 12:08 AM
The Mastercard Global Sustainability Innovation Lab has been established
Mastercard today announced the establishment of a new Sustainability Innovation Lab, which will serve as a focal point for the company's efforts to expand its range of environmentally responsible digital products and solutions in the coming years.
While the global economy quickly digitizes, the Lab will examine how to enable companies and consumers to change the manner in which they create, distribute, and buy goods and services, ensuring that both people and the environment may flourish in the process.
Stockholm, Sweden was chosen as the site for the worldwide Lab as a show of support for the EU Green Deal. Stockholm has long been at the forefront of sustainable innovation, with strong consumer, governmental and corporate commitment to the move toward a green economy.
Because Mastercard recognizes that in order to meet global carbon reduction targets, consumption must shift to a more sustainable paradigm, the company is reimagining the future of commerce by collaborating on digital solutions that will empower businesses, governments, and billions of consumers across its network to help preserve the environment. Due to the growing desire of consumers to take action for the environment, the Lab will concentrate on solutions that enable sustainable spending, as well as increasing visibility and traceability across value chains for producing products that have a positive impact on both people and the environment.
Open innovation as a means of achieving long-term effect
For years, Mastercard has worked with startup entrepreneurs in the Nordic area, where its new Innovation Lab will be located. Most recently, the company partnered with the Swedish fintech Doconomy to develop the Mastercard Carbon Calculator, which is now available on the company's website. Mastercard is also fostering climate-focused fintech innovation via the Climate Fintech Cards & Payments Challenge and its Start Path startup engagement program, both of which are sponsored by Visa.
With dedicated Mastercard workers, startup partners, and clients working on research and development projects at the Lab already in progress, it is expected to be fully operational by the spring of the following year.
Using Mastercard's extensive expertise in impact-driven innovation, including in areas such as financial inclusion, the new Lab aims to investigate how technologies like as 5G, quantum computing, and advanced artificial intelligence (AI) might be used to solve environmental problems. An R&D Center dedicated to solutions for sustainable consumption and value chains; a Labs as a Service platform to bring together partners and customers in the co-creation of sustainable shared-value solutions; and a Mastercard Experience Center for hands-on product demos and in-person engagement are all part of the plan. .
In the short term, the Lab's initial priorities include iterating on the Mastercard Carbon Calculator feature, which has now been embedded across the company's global network, and making sure that it is seamlessly implemented by customers – with Doconomy team members based in the Lab to provide assistance. It will also examine how Mastercard Provenance can continue to raise transparency not just for social impact projects, but also for environmental initiatives, such as allowing partners in the supply chain to make more environmentally friendly manufacturing choices. .