Mastercard Provides Update to USAID’s PREPARE Call to Action

Rhea-AI Summary

Mastercard (MA) has provided an update on its commitment to USAID's PREPARE Call to Action, aimed at helping 500 million people in developing countries adapt to climate change. The company's initiatives include:

1. Partnering with BFA Global and CIFAR Alliance to scale fintech solutions for climate resilience, launching the Climate Smart Product Innovation Hub with 74 climate-aligned fintech innovations.

2. Aiming to bring 30 million people onto the Community Pass platform within five years.

3. Collaborating with Co-operative Bank of Kenya and Shell Foundation to provide up to 100,000 farmers access to credit for clean energy farming technologies.

Mastercard emphasizes the importance of combining governmental initiatives with private sector support to maximize impact on global climate resilience.

Positive

• Commitment to help 500 million people in developing countries adapt to climate change
• Launch of Climate Smart Product Innovation Hub with 74 climate-aligned fintech innovations
• Goal to bring 30 million people onto Community Pass platform within 5 years
• Partnership to provide up to 100,000 farmers with access to credit for clean energy farming technologies

Negative

• None.

Mastercard

NORTHAMPTON, MA / ACCESSWIRE / August 15, 2024 / Addressing the climate crisis both domestically and internationally is key to ensuring long-term global economic stability. In November 2022, Administrator Samantha Power and then-Special Presidential Envoy for Climate John Kerry introduced the PREPARE Call to Action to the Private Sector at COP27, engaging 10 companies, including Mastercard, to help half a billion people in developing countries adapt to the effects of climate change.

Mastercard's commitment to the PREPARE Call to Action includes a partnership with BFA Global and CIFAR Alliance, which is scaling innovative fintech-enabled solutions that help vulnerable households and businesses build resilience and adapt to climate impacts. Together, we've launched the Climate Smart Product Innovation Hub, showcasing 74 climate-aligned fintech innovations to attract investment and generate scale. Our commitment also encompasses our goal to bring 30 million people onto our Community Pass platform within the next five years. In early 2024, Community Pass partnered with the Co-operative Bank of Kenya and Shell Foundation to launch a program aimed at providing up to 100,000 potato, maize, and dairy farmers with access to credit for six innovative clean energy farming technologies.

Impact can be maximized when governmental initiatives are combined with private sector support. It was an honor to participate in a discussion yesterday with these leaders and representatives from the PREPARE Call to Action on how we can enhance the stability and security of supply chains, harness American ingenuity, and leverage our collective strengths to promote climate resilience globally.

About Mastercard

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Originally published by Mastercard

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Image courtesy of Rich Lesser, The White House

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Contact Info:
Spokesperson: Mastercard
Website: https://www.3blmedia.com/profiles/mastercard
Email: info@3blmedia.com

SOURCE: Mastercard

View the original press release on accesswire.com

FAQ

What is Mastercard's (MA) commitment to USAID's PREPARE Call to Action?

Mastercard (MA) is committed to helping 500 million people in developing countries adapt to climate change through initiatives like the Climate Smart Product Innovation Hub, expanding the Community Pass platform, and providing farmers access to credit for clean energy technologies.

How many farmers does Mastercard (MA) aim to provide access to credit for clean energy farming technologies?

Mastercard (MA) aims to provide up to 100,000 potato, maize, and dairy farmers with access to credit for six innovative clean energy farming technologies through a partnership with Co-operative Bank of Kenya and Shell Foundation.

What is the Climate Smart Product Innovation Hub launched by Mastercard (MA)?

The Climate Smart Product Innovation Hub, launched by Mastercard (MA) in partnership with BFA Global and CIFAR Alliance, showcases 74 climate-aligned fintech innovations to attract investment and generate scale for climate resilience solutions.

How many people does Mastercard (MA) plan to bring onto its Community Pass platform?

Mastercard (MA) aims to bring 30 million people onto its Community Pass platform within the next five years as part of its commitment to USAID's PREPARE Call to Action.