Baku: Azerbaijan is taking significant strides toward enhancing its sustainable development goals, focusing on investments in renewable energy and fostering public-private partnerships for sustainable transportation, all while ensuring economic diversification and environmental protection. With the upcoming UN Climate Change Conference (COP29) scheduled to convene in Baku on 11 November 2024, Azerbaijani companies are reaffirming their commitment to environmental sustainability through various initiatives.

According to Azeri-Press News Agency, Mastercard has pledged to eliminate first-use PVC plastics from its payment cards by 2028, opting instead for recycled or bio-sourced materials such as rPVC, rPET, or PLA1. In Azerbaijan, local banks are being encouraged to expedite this transition by phasing out the use of first-use PVC in Mastercard payment cards by 2026. Key financial institutions, including PASHA Bank, Kapital Bank, ABB Bank, ATB, Yelobank, Rabitabank, and Xalq Bank, have pledged their support, sho
wcasing a unified commitment to fostering environmentally sustainable practices within the financial sector.

Mastercard’s Sustainable Cards Program is integral to its mission to incorporate sustainability into its core operations. The company aims to minimize its carbon and environmental footprint while providing partners and consumers the means to do the same. Additionally, Mastercard is striving to achieve net zero emissions by 2040 and is introducing innovative solutions such as the Priceless Planet Coalition, which seeks to fund the restoration of 100 million trees, and the Carbon Calculator, which estimates a cardholder’s carbon footprint based on their spending habits. Furthermore, Mastercard’s Sustainability Innovation Lab serves as a hub for developing sustainable digital products and co-creating future solutions with partners.