Abu Dhabi Commercial Bank (ADCB) has introduced the region’s first Mastercard Carbon Calculator, an innovative tool that supports the sustainability ambitions of businesses.
The Carbon Calculator will help businesses by providing data on the estimated carbon footprint of their corporate expenditure using the ADCB corporate cards.
ADCB, which has joined the UN-convened Net-Zero Banking Alliance (NZBA) in support of the goals of the Paris Agreement, is partnering 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 officially launched 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 in the UAE.
Developed by Mastercard, together with the Swedish fintech company Doconomy, the Carbon Calculator informs customers about the estimated carbon footprint of their purchases. The tool estimates the environmental impact of each purchase using a weighted calculation powered by the independently verified Doconomy Åland Index.
“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.”
ADCB has also joined Mastercard’s Priceless Planet Coalition, a global initiative guided by restoration partners Conservation International and World Resources Institute that unites citizens, businesses and banks to contribute to the fight against climate change to restore 100 million trees.
Mr. Elgibali said that “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.”
This initiative aligns with the UAE’s ambition towards net zero emissions by 2050 as well as global sustainability goals. It comes at a crucial time when both public and private sector entities are ramping up their efforts to reduce their carbon footprints.
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