Abu Dhabi: Abu Dhabi Commercial Bank (ADCB) has launched the region’s first Mastercard Carbon Calculator.
The innovative tool supports the sustainability ambitions of businesses by providing data on the estimated carbon footprint of their corporate expenditure using the ADCB corporate cards.
ADCB joined the UN-convened Net-Zero Banking Alliance (NZBA) in support of the goals of the Paris Agreement. It is collaborating with customers on their transition to a net zero economy by expanding its suite of green products and services.
The ADCB Mastercard Carbon Calculator was unveiled by Mr. Mohammed Al Jayyash, Group Chief Operations Officer at ADCB, and Mr. Khalid Elgibali, Division President of Middle East, and North Africa, Mastercard, at the COP28 global climate conference.
Mr. Al Jayyash stated that, “ADCB has adopted an enhanced climate strategy, aligned with the UAE’s ambition for an inclusive, net-zero economy. At the core of our approach is a commitment to support our customers in their path to a successful transition. Collaboration on this journey is paramount, and our partnership with Mastercard forms a key element of the Bank’s initiatives to promote sustainable business practices. We are proud to offer our corporate clients the Carbon Calculator, in partnership with Mastercard, which will help in the measurement of environmental impacts and facilitate sustainable decision-making.”
The Carbon Calculator, developed by Mastercard in collaboration with the Swedish fintech company Doconomy, informs users about the estimated carbon footprint of their purchases. Using a weighted calculation driven by the independently verified Doconomy Åland Index, the tool calculates the environmental impact of each purchase.
Mr. Elgibali remarked that, “Mastercard’s ongoing efforts in sustainability have set new industry benchmarks. We are committed to driving our business toward net zero emissions by 2040 and accelerating the transition to a low-carbon, regenerative economy. This partnership is a significant step forward in scaling up the positive impact of the Carbon Calculator and mobilizing against climate change, leveraging our network to give businesses tools to have visibility into the environmental impact of their purchases.”
Additionally, ADCB has joined Mastercard’s Priceless Planet Coalition, a global initiative guided by restoration partners Conservation International and World Resources Institute that brings together citizens, businesses, and banks to contribute to the fight against climate change with the aim to restore 100 million trees.