Mastercard Incorporated [NYSE: MA] has introduced a new sustainability innovation lab. The firm disclosed that its new lab will lead the further development of the company’s portfolio of environmentally conscious digital products and solutions. The main focus of the new lab will be the revolutionize the way businesses and consumers create, deliver, and buy products and services.
The firm aimed to empower businesses. It also wants to ensure that both people and the planet can flourish as the global economy rapidly digitizes. Mastercard believed that nurturing advanced solutions with practical applications is immediately required to attain the global climate change goals. The Sustainability Innovation Lab will allow the firm to co-create a powerful portfolio of environmentally friendly solutions.
Furthermore, its aim is to connect everyone such as businesses and consumers in the same way in climate action. Mastercard is redefining the future of commerce by partnering on digital solutions. The solutions were designed to empower businesses, governments, and billions of consumers across its network to help protect the environment. The firm is trying to determine that consumption will have to shift to a more sustainable model in order to meet global carbon reduction targets.
Additionally, the Lab will focus exclusively on solutions that allow sustainable spending. Presently, more people want to take action for the environment. The new lab will also increase visibility and traceability across value chains for manufacturing products that have a positive impact on both people and the planet.
Moreover, Mastercard has a successful record of building collaboration with startup innovators in the Nordics region. The new Lab will be based in the Nordics region. It has been disclosed that research and development within the Lab have already begun. In addition, the physical space will be opened in spring 2022. The new Lab is based on Mastercard’s experience in impact-driven innovation, in areas such as financial inclusion.