Visa has pledged to achieve Net Zero across its global operations by 2040.
The company also announced that it has achieved carbon neutrality across its operations for 2020, which includes the footprint from its scope 1, scope 2 and employee commuting / business travel components of scope 3 greenhouse gas emissions. This achievement is the result of ongoing energy efficiency initiatives, transition to 100% renewable electricity and limited use of carbon offsets to cover the residual footprint.
Visa’s carbon offsets portfolio includes projects spanning its geographic regions, such as forest preservation in the US and Canada, reforestation in Brazil, renewable energy in Turkey and clean cookstoves in India and Uganda.
Douglas Sabo, Chief Sustainability Officer, said Visa is “looking broader and longer-term by committing to net-zero emissions by 2040, a timeframe at least 10 years ahead of the Paris Climate Agreement. In addition, we’re joining likeminded industry leaders in signing The Climate Pledge, co-founded by Amazon and Global Optimism.
“We also are committing to set Science Based Targets at the 1.5 degree Celsius ambition level and have joined the Climate Business Network, a World Wildlife Fund initiative to accelerate efforts to net-zero. Our new net-zero commitment, complemented by our signing of The Climate Pledge and joining the UN Race to Zero and WWF Climate Business Network, is aligned with emerging global standards and will include working across our value chain to achieve this goal.”
Supporting Sustainable Commerce
Visa is expanding its initiatives to use its products, services, network, data, payments expertise and brand to support sustainable commerce and the transition to a low-carbon economy. It will be working in collaboration with the Cambridge Institute for Sustainability Leadership (CISL) to work together to identify new opportunities to apply electronic payments capabilities and the Visa network toward realising a sustainable future. Results of the collaboration are anticipated in Summer 2021.
Visa’s collaboration with CISL complements the company’s efforts to work across its network to support a low-carbon future, including:
- Partnerships advancing sustainable payment cards and accounts
- Global initiatives supporting sustainable behaviours, such as in mobility and travel
- Developing sustainable insights to support stakeholders in commerce in understanding consumer barriers and drivers of sustainable living behaviours
- Using the brand’s platforms to inspire sustainable living among millions of consumers
