For many years now, Mastercard, through its numerous activities in Southeast Europe, but also globally, has shown that technology and innovation are an indispensable part of good examples of sustainable and socially responsible practices. Standards related to environmental, social and good governance (ESG standards) have taken an important place in the business strategies of this global technology company, which joined the first major regional Western Balkans ESG Summit, organized by Sustineri Partners, in cooperation with Porto Montenegro, Government of Montenegro and Bloomberg Adria network, and supported this event as a silver sponsor.
Mastercard has aligned its ESG strategy and internal policies with the global Sustainable Development Goals (SDGs) of the United Nations, focusing on specific goals to which they can contribute with their products. "In order for business and ESG strategies to be aligned, it is necessary to invest in employee education, but also in the evaluation of the company's internal and external policies, in order to define clear and concrete goals," said Jelena Ristić, Country Manager Serbia, Montenegro, Bosnia and Herzegovina at Mastercard.
“Introduction of ESG strategy in the business operations of a company must be fundamental, very well prepared, and this is how essential compliance with the core business activities of the company is achieved, which the target public recognizes as authentic business and communication. What companies, unfortunately, can not count on is unlimited time, because the activities we are talking about here are urgent. That's why collaboration and united forces with non-governmental organisations, the academic, public and private sectors are very important - united we can make a difference and achieve concrete results in a shorter period of time, and this is the principle we insist on - in all the markets where we operate", said Ristić.
Jelena Ristić is among the panellists of the upcoming Western Balkans ESG Summit, during which she will share the experience of Mastercard, when it comes to the implementation of ESG standards, environment protection and social responsibility, with a special focus on important lessons on the creation of business strategies that build trust in companies and projects, and create values that go beyond not just monetary profit.
According to the World Wide Fund for Nature, human impacts have already led to the loss of around 40% of the world's forests. Due to the growing threat that deforestation poses to the climate, communities and biodiversity, Mastercard, in collaboration with scientific partners Conservation International and the World Resources Institute, has launched the Priceless Planet Coalition, which brings together financial, corporate and government key stakeholders around the globe. Currently, this Coalition leads 18 restoration projects in Africa, Australia, South America, North America, Europe and Asia, with the goal of restoring 100 million trees by 2025.
"Toward this goal, we collaborate with banks and other partners around the world in order to donate trees, but at the same time educate users that every small, individual action is important and that it counts towards the ultimate goal which we should achieve together. The projects we implement, as part of the Priceless Planet Coalition, also rely on the use of our payment technologies as a mechanism for the inclusion of all relevant target groups, so in Serbia, Montenegro and BiH, where PPC projects are active, we have implemented campaigns in which we donated seedlings for every newly issued Mastercard card or activated mobile wallet. The response, both from banks and citizens, is very good, and awareness that we are all part of the same (global) community is growing," explained Ristić.
Mastercard also shows how modern technologies can respond to some of today's biggest environmental challenges. This global technology company has established the Carbon Footprint Calculator, which allows its users to view the estimated carbon footprint of all your purchases, along with offering them useful tips on how to reduce the footprint. The calculator helps users to have clear insight into the effect your day-to-day footprint has on the planet and helps them to make small adjustments resulting in real change.
"It is a good example of how the evolution of technology keeps pace with the real needs of the wider society, because we are all aware of the need to use a personal example to get involved in solving problems, whether they are environmental, social or of some other nature," said Ristić.
In addition to this, Mastercard contributes to the wider goal of sustainability and social responsibility through partnerships with the public and private sectors, adapting its activities to the real needs of the local community in which it operates. Two years ago, Mastercard donated an online platform for donations to the National Association of Parents of Children with Cancer in Serbia, which made it easier for this Association to collect financial resources in the long term. Furthermore, this company supported the collection of online donations to campaigns with UNICEF and SOS Children's Villages of BiH.
"Collaboration approach like this and solving any challenge united, has proven to be more comprehensive because it combines technologies and experiences that private companies can share from other markets, with the understanding, capacities and reach of the public sector. When we unite around a common goal, we reach results faster and I wish to invite other companies to join us and to initiate good changes together," highlighted Ristić.
Mastercard has been publishing an annual Corporate Responsibility Report since 2018, which tracks performance on the way to achieving the set ESG goals, with a special focus on the previously mentioned global reforestation project, but also other goals related to sustainability, such as reaching reach net zero emissions bz 2040, salary parity and gender equality in management positions until 2025 and similar.
"We have special teams that deal exclusively with ESG strategy, projects and metrics, and that also have an advisory function on how to connect the principles of sustainability with the projects we implement. Along with all these tangible metrics, of course, there is the education of the employees who are the ones who lead the projects and are the face of the company towards different target groups, so it is important that there is a continuous understanding of what are desirable and (in)authentic practices in the ESG domain. For us, ESG performance is not a non-financial metric because we believe that as we all share in the company's success, we also share responsibilities, which is why ESG performance has become a metric used to assess the company's business performance and which is taken into account when calculating annual bonuses, because it proves our commitment to doing good things for our community every step of the way," explained Ristić.
"The combination of innovation and exceptional social responsibility best describes Mastercard's operations at the regional and global level, and we are more than proud that this company has supported the first major regional Western Balkans ESG Summit", said Biljana Braithwaite, CEO of Sustineri Partners, one of the organisers of Western Balkan ESG Summit.
