Mastercard’s Priceless Planet Coalition, which now includes more than 100 global banks, fintechs and merchants, is announcing the expansion of its reforestation work to include 15 new sites around the world. In Asia Pacific, new projects are being launched in the Philippines, Cambodia, China and India while planting continues in Australia. To reduce carbon emissions, the Coalition is working towards restoring 100 million trees globally by 2025, while Mastercard is also undertaking sustainability initiatives such as the rollout of its Carbon Calculator.
In the Philippines, 417,500 trees will be planted in Mt. Mantalingahan, Palawan; Peñablanca, Quirino; and in the island of Mindoro in an effort to protect its wildlife and local ecosystems, as well as provide economic benefits to local communities and boost tourism.
“Tackling environmental issues is a whole-of-society task, but efforts are often undertaken in isolation or without coordination,” said Sandeep Malhotra, executive vice president, Products & Innovation, Asia Pacific, Mastercard. “Given the urgency of the IPCC’s latest findings, now is the time to pull together to combat this challenge that affects every one of us on this planet. At the core of Mastercard’s business is a global network that spans banks, governments, merchants, and consumers. It is this connectivity that makes the Priceless Planet Coalition different and more effective. By pooling resources, it’s possible to rapidly scale forest restoration work and environmental initiatives, while providing businesses with pre-existing infrastructure that easily — and cost effectively — allows them to have a tangible impact.”
The Priceless Planet Coalition works by uniting companies, communities and consumers in collective, coordinated climate action. Guided by its restoration partners, Conservation International and World Resources Institute, the Coalition employs science-based best practices to identify new project sites, select the appropriate tree species and ensure long-term forest health through ongoing monitoring, while also providing economic opportunities for local communities.
