Mastercard partners with CarbonSifr to advance climate action in MENA region

Mastercard partners with CarbonSifr to advance climate action in MENA region

Dubai, UAE: Mastercard has signed a memorandum of understanding (MoU) with CarbonSifr, a UAE-based climate tech company, to explore opportunities to accelerate climate action in the MENA region. The two partners will support small and medium enterprises (SMEs) with climate awareness and carbon footprint measurement initiatives, and enable players in the broader ecosystem to embed climate action into their payment processes with local data.

The innovation-driven partnership aims to equip small businesses in the region with innovative tools to measure, reduce and compensate for their carbon footprint.

Mastercard and CarbonSifr will also collaborate on the Priceless Planet Coalition, Mastercard’s global initiative that brings together merchants, banks, cities and consumers to restore 100 million trees worldwide with the aim of contributing to the fight against climate change. In the UAE, the Coalition works as a collaborative platform between Mastercard, Conservation International, Emirates Nature-WWF and the World Resources Institute (WRI) with the support of Dubai Charity Association.

“Pressure on climate action in the MENA region is increasing. Several governments have announced net-zero strategies and are taking tangible steps to implements them. With the UAE having hosted the 28th UN Climate Change Conference (COP28), the call for local companies to minimize their environmental footprint is stronger