Visa, a leading global payments technology company, said it is committed to reach net-zero emissions by 2040, and that the company achieved carbon neutrality across its operations in 2020.
Visa also outlined plans to become a climate positive company through new partnerships and expanded initiatives to support sustainable commerce and the transition to a low-carbon economy beyond the company’s own footprint.
Chairman and chief executive officer of Visa, Al Kelly said, Visa is committed to creating a more sustainable future. “Our new net-zero commitment and enhanced efforts across our network in support of sustainable initiatives are immediate ways we will achieve our goals to help build a better future for our planet.”
As part of the commitment to reach net-zero emissions by 2040, Visa announced it is a new signatory of The Climate Pledge, an initiative co-founded by Amazon and Global Optimism, as well as a new member of the Climate Business Network, a World Wildlife Fund (WWF) initiative to accelerate action toward a net-zero future.
Visa’s net-zero commitment is aligned with emerging global standards and definitions and will include efforts with suppliers to abate a significant portion of the greenhouse gas footprint of the company’s purchased goods and services.
Visa also has committed to set science-based targets through the Science Based Target initiative at the 1.5 degree Celsius ambition level. These new commitments join Visa’s existing sustainability leadership, including its transition to 100 percent renewable electricity usage in 2020.
Visa said it 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.
Climate-Smart Infrastructure: Nigeria Must Be Competitive To Attract Investors- UK
The Deputy High Commissioner, Ben Llewellyn-Jones said Nigeria must create conducive environment to attract investors in the climate-smart infrastructure design and development.
He disclosed this while chatting with Prof Chidiebere Onyia, the Managing Director t the UK Nigeria Infrastructure Advisory Facility (UKNIAF), a UK Aid-funded demand-led technical assistance programme that helps the Nigerian government deliver socially inclusive, climate-smart infrastructure.
There discussion centred on climate-smart infrastructure design and in Nigeria and the critical role the programme plays as a delivery component for UK Aid. They looked on aspects of UKNIAF’s work on Energy, Infrastructure Financing, and Roads, discussing how the programme can support the Energy Transition Councils’ efforts to prepare Nigeria for COP26 and beyond.
During the discussions the Deputy High Commissioner explained that UKNIAF remains critical to the UK-Nigeria collaboration in the Energy Transition Council, not only in preparing for COP26 but also for initiatives beyond this event.
UKNIAF supports COP26 through its work with regulators and other Ministries, Departments and Agencies (MDAs) in the energy sector, where they highlight opportunities to mitigate the challenges of the energy transition, both on-grid and off-grid.
These opportunities are also matched with potential investments. The Energy Transition Council allows UKNIAF to step up our engagement and efforts in the run-up to COP26; and beyond COP26, the focus will be on resolving the obstacles hindering Nigeria from making the energy transition a reality where our programme’s assistance in this respect is critical.
Prof Onyia and the Deputy High Commissioner agreed that coordination and capacity across key MDAs must be improved in the run-up to COP26 and beyond if policy objectives are to be met. A lot of work is already being done to encourage energy transition, however, the challenges of the energy transition remain, and they must be acknowledged as we work to overcome them.
At the same time, we need to factor in the upcoming Nigerian elections. The Nigerian government’s goodwill and engagement, particularly that of the Vice President, Prof. Yemi Osinbajo, and the Minister of State for Power, who also serves as the Chair of the Energy Transition Council, must be recognised.
During the discussions, Ben Llewellyn-Jones said: “We live in a competitive world where investors are looking for a location that provides adequate return on investment. It is important, therefore, to make Nigeria as competitive as possible to attract those investments. There is a lot of goodwill, effort, and application; consequently, we must work with the Nigerian leadership while also highlighting this to potential investors. This is one of UKNIAF’s key component areas – Infrastructure Finance.”
Prof Onyia said: “The UKNIAF’s efforts to assist the regulator in developing evidence-based regulatory practices are critical in raising climate awareness and will go some way to aligning Nigerian government priorities with climate-smart principles.
“Looking at government priorities through the lens of climate sensitivity does not preclude seeing the broader issues that require attention, such as bankability, efficiency, and access. Data is always critical for regulators and investors, and understanding the impact of policy and allowing data to inform predictable regulation is vital.”
Mastercard Unveils New Carbon Calculator Tool for Banks in Middle East & Africa
Amidst the growing trend toward eco-conscious spending and consumption among people who want to pursue more sustainable choices and practices, Mastercard has released its Mastercard Carbon Calculator for the Middle East & Africa.
Developed in collaboration with the Swedish fintech Doconomy, the Mastercard Carbon Calculator is a feature that provides access to insights and data about environmental impact. It enables consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories.
Banks and financial institutions can easily adopt and customize the feature for eco-conscious consumers, by seamlessly integrating the Carbon Calculator into their mobile apps through new APIs that are now available on Mastercard Developers.
“Connecting people to helpful information and tools that enable them to prosper, pursue their passions, and help protect the planet, is an important part of how we are doing well by doing good. The New Mastercard feature enables banks to equip people with carbon footprint data and insights to help inform consumer spending and offer ways to contribute to reforestation
“With growing consumer passion for the environment and sustainable lifestyle choices, we hope that this feature will inspire more people to support brands that are contributing to environmental welfare,” said Gaurang Shah, Senior Vice President, Product Management, Digital Payments & Labs for Middle East and Africa, Mastercard.
The calculations are powered by the independently verified Doconomy Åland Index and can be further enhanced with relatable and easy-to-understand equivalents (such as the number of trees required to absorb the same amount of CO2), and tips about living more sustainably.
“By engaging a whole industry in enabling individual insights as well as collective action, Mastercard has redefined the role the financial industry can play every day in tackling the climate crisis. When others are talking of the importance of Environmental, Social and Corporate Governance (ESG), Mastercard is putting it to work at the fingertips of the consumer,” said Mathias Wikström, Chief Executive Officer, Doconomy.
Results from Mastercard’s most recent research released on Earth Day last month, highlighted strong consumer demand for payment solutions that address sustainability.
Among adults in Middle East and Africa, 90% stated they’re willing to take personal action to combat environmental and sustainability issue. Being more aware of purchases is one of the top changes respondents will make as a result from COVID-19.
Last year, Mastercard formed the Priceless Planet Coalition, which unites businesses and consumers to restore 100 million trees by 2025. The Coalition continues to expand and now includes more than 50 members. Mastercard has committed to using its technology, network, expertise and resources in support of the company’s goal of building a more sustainable and inclusive digital economy.
ABB Advocates Adoption of High-efficiency Motors To Combat Climate Change
- Global electricity consumption to be reduced by 10%
In a new whitepaper published recently, ABB has revealed potential for significant energy efficiency improvements in industry and infrastructure enabled by the latest and most high-efficiency motors and variable speed drives.
ABB has called on governments and industries to accelerate adoption of the technology to help combat climate change.
According to the International Energy Agency (IEA), industry accounts for 37% of global energy use and about 30% of global energy is consumed in buildings.
While mostly hidden from public view, electric motors – and the variable speed drives which optimize their operations – are embedded in almost every built environment. They power a vast range of applications fundamental to our modern way of life, from industrial pumps, fans and conveyors for manufacturing and propulsion systems for transportation to compressors for electrical appliances and heating, ventilation and air conditioning systems in buildings.
Motor and drive technologies have seen exceptionally rapid advancement in the past decade, with today’s innovative designs delivering remarkable energy efficiencies. However, a significant number of industrial electric motor-driven systems in operation today – in the region of 300 million globally – are inefficient or consume much more power than required, resulting in monumental energy wastage.
Independent research estimates that if these systems were replaced with optimized, high-efficiency equipment, the gains to be realized could reduce global electricity consumption by up to 10%. In turn, this would account for more than 40% of the reduction in greenhouse gas emissions needed to meet the 2040 climate goals established by the Paris Agreement.
“Industrial energy efficiency, more than any other challenge, has the single greatest capacity for combating the climate emergency. It is essentially the world’s invisible climate solution,” said Morten Wierod, President ABB Motion.
“For ABB, sustainability is a key part of our company’s purpose and value that we create for all of our stakeholders. By far, the biggest impact we can have in reducing greenhouse gas emissions is through our leading technologies, which reduce energy use in industry, buildings and transport”, he said.
Considerable steps have already been taken to support the uptake of electric vehicles and renewable energy sources. ABB believes it is time to do the same for an industrial technology that will deliver even greater benefits for the environment and the global economy.
“The importance of transitioning industries and infrastructure to these highly energy efficient drives and motors to play their part in a more sustainable society, cannot be overstated,” said Morten Wierod. “With 45% of the world’s electricity used to power electric motors in buildings and industrial applications, investment in upgrading them will yield outsized rewards in terms of efficiency.”
ABB frequently assesses the net impact of its own installed high efficiency motors and drives on global energy efficiency. In 2020, it enabled 198 terawatt-hours of electricity savings – more than half of the UK’s annual consumption. By 2023, it is estimated that ABB motors and drives will enable customers globally to save an additional 78 terawatt-hours of electricity per year, almost as much as the annual consumption of Belgium, Finland or the Philippines and more than the total annual consumption of Chile.
Regulatory policies are among the main drivers of industrial investment in energy efficiency around the globe. While the European Union will be implementing its Ecodesign Regulation (EU 2019/1781) this year, which sets out stringent new requirements for an expanding range of energy efficient motors, many countries have yet to take action.
To take advantage of the tremendous opportunities afforded by energy efficient drives and motors to reduce greenhouse gas emissions, ABB says all stakeholders have a critical role to play. For instance, public decision makers and government regulators need to incentivize their rapid adoption; businesses, cities and countries need to be aware of both the cost savings and environmental advantages and be willing to make the investment; also, investors need to reallocate capital towards companies better prepared to address the climate risk.
“While our role at ABB is to always provide the most efficient technologies, products and services to our customers, and continue to innovate for ever greater efficiency, that in itself is not enough. All stakeholders need to work together to bring about a holistic transformation in how we use energy. By acting and innovating together, we can keep critical services up and running while saving energy and combatting climate change”, concludes Morten Wierod.
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