It says the Priceless Planet Coalition is a platform “to unite corporate sustainability efforts and make meaningful investments to preserve the environment”.
Founding partners include Citibank, Santander UK, IHS Markit, bunq, Saks Fifth Avenue, LL Bean, New York Metropolitan Transportation Authority, Transport for London and American Airlines, with more to be announced.
Participating companies will continue to implement their own sustainability strategies as well as collaborate across the Coalition for joint campaigns.
One initiative will see them encourage consumers to use mass transportation, rewarding public transport riders for taking journeys with the planting of a tree, with a pledge to plant 100 million trees over five years.
It will be launched in partner cities globally, including London, New York, Stockholm, Helsinki and Barcelona.
Interested organisations from around the world are invited to join in and engage consumers and employees to contribute to the tree planting programme.
Mastercard’s corporate card customers will also be able to contribute to the forestation initiative every time their employees use their cards for travel, goods and services.
The company believes trees are be “best, most cost-efficient technology” for removing and storing significant amounts of carbon dioxide in the atmosphere, although it adds tat does not replace the need for companies to reduce emissions, invest in energy efficient workplaces and operational processes, source renewable energy or adopt a sustainable supply chain.
Ajay Banga, President and CEO of Mastercard said: “No matter who you are or what you do, climate change affects. But it has the biggest negative impact on those who are socially and economically vulnerable. The time for just negating our environmental footprint has passed. Our best chance at changing the course we’re on and setting us all up for better futures is for companies and consumers to pull in the same direction towards a shared goal.
“We are committed to help advance change. We have an incredible network of reach. We have an incredible network of partners. We can put them to work to help deliver positive impact for the environment in the form of a Priceless Planet Coalition.”