Leading financial services companies in the race for net zero 

Targets:

• Mastercard aims to reduce Scope 1 and 2 emissions by 38% by 2025 from a 2016 baseline (achieved and SBTi approved). 
• It aims to reduce Scope 3 emissions by 20% by 2025 from a 2016 baseline (achieved and SBTi approved). 
• Net zero year: 2040

Strategy:

• The company is seeking buildings with green certifications for new leases and adding green lease terms into contracts. 
• It aims to use less than 10 kilowatt hours per square foot per year. 
• It plans to develop and implement on-site renewable energy sources (solar panels) at owned facilities; establish long-term renewable energy agreements (five to 12-year contracts with utility providers or third parties); and purchase in-country renewable energy credits (RECs) for sites in locations that are too small for long-term agreements. 
• For countries without a renewable-energy credit market, it will purchase RECs in neighboring countries that are connected to the same grid. 
• It will mandate that suppliers disclose their emissions footprint by completing the CDP Climate Change Questionnaire. 
• It will work with suppliers to set their own science-based emission reduction targets. 
• It aims to ensure that 100% of its global electronic waste is recycled using responsible partners certified in environmental standards and data destruction. 
• It strives to achieve TRUE certification for zero waste at all owned facilities and leased sites. 
• It will require the use of EPA WaterSense-labeled restroom fixtures to reduce overall water use and will use non-potable water for applicable functions. 

Progress:

• It achieved a 22% reduction in Scope 1 and 2 emissions between 2017 and 2022. 
• At the end of 2022, 89% of Mastercard’s global workspaces met regional or international green certification requirements. 
• Mastercard’s owned sites are all green-building certified and fitted with solar panels on-site. 
• In 2022, 78% of its Tier 1 suppliers responded to the CDP Climate Change Questionnaire, an improvement of 11% from 2021. Of those suppliers, 39%already possess or have submitted science-based targets to the SBTi for review and approval, and 38% have net zero targets. 
• In 2022, Mastercard diverted 71% of the waste generated by owned sites through recycling, composting, donations, and other forms of landfill diversion. 
• It received TRUE certification for its San Francisco office in 2022.

Targets:

• It aims to reduce its Scope 1 and 2 emissions by 40% by 2030 from a 2017 baseline (achieved). 
• Net zero year: 2050 

Strategy:

• The company contributes capital to developing and deploying new climate technologies and business models. 
• It offers clients exposure to climate-related risks and opportunities through asset management and global private banking. 
• It offers climate-related services to clients across corporate advisory and global markets. 
• It will finance and facilitate $1 trillion to support climate action and sustainable resource management as part of a broader $2.5 trillion sustainable development target. 
• It aims to transition its vehicle fleet to electric by the end of 2025 and plans to use and support the development of sustainable aviation fuel. 
• It will source renewable energy for its energy needs. 
• It aims to satisfy at least 70% of renewable energy with on-site renewable energy and on-site long-term renewable energy contracts by 2025. 
• It will purchase applicable energy attribution certificates (EACs) such as Green-E certified renewable energy certificates (RECs), international RECs, and carbon credit. 
• It will commit capital toward sustainable branch design and smart building management. 
• It will reduce global water use by 20% by 2030 from a 2017 baseline and will reduce office paper use by 90% by 2025 from a 2017 baseline. 
• It will align key sectors of its financing portfolio with net zero emissions by 2050. 

Progress:

• It achieved an 89% reduction in Scope 1 and 2 emissions between 2017 and 2022. 
• It financed emissions reduction targets for energy, oil and gas, power, automotive, iron and steel, cement, and aviation for 2030. 
• In 2022, JPMorgan Chase financed and facilitated approximately $70 billion in support of its $1 trillion green objective, primarily through green bond underwriting and renewable and clean energy financing. 
• It maintains carbon neutral operations and sources renewable energy for 100% of its global power needs. 
• It diverts 100% of e-waste from landfills and purchases 100% of its paper from certified sources. 

Targets:

• It aims to reduce location-based Scope 1 and 2 emissions by 75% by 2030. 
• Net zero year: 2050 

Strategy:

• Maintain carbon neutrality (Scopes 1 and 2) and 100% zero-carbon electricity. 
• Reduce energy use by 55% from a 2010 baseline. 
• Reduce potable water use by 55% from a 2010 baseline. 
• Achieve LEED certification (or comparable) for 40% of building space. 
• Responsibly manage waste to reduce the amount sent to landfill. 
• Divert 75% of construction and demolition waste from landfills. 
• Dispose of 100% of electronic waste using certified responsible suppliers. 
• Deploy $1.5 trillion of sustainable finance by 2030—$1 trillion towards the energy transition and $500 billion towards social development. 
• Transition all plastic credit and debit card products to at least 80% recycled plastic starting in 2023. 
• Educate clients on EVs and provide financial solutions that help make the transition to electric easier. 
• Increase the number of financial centers equipped with EV charging stations to more than 350 chargers at over 90 financial centers by the end of 2024. 
• Offer climate-related services to clients across corporate advisory and global markets. 
• It is focused on reducing emissions from key carbon-intensive sectors and intends to publish progress on targets annually. 

Progress:

• It achieved a 68% reduction in Scope 1 and 2 emissions between 2017 and 2022. 
• It has financed emissions reduction targets set for automotive, cement, aviation, coal, energy, and power for 2030. 
• Through year-end 2022, Bank of America deployed approximately $410 billion of sustainable finance of which approximately $235 billion was directed toward the energy transition. 
• Since 2013, Bank of America has issued $13.9 billion across five green, two social, and three sustainability bonds as of year-end 2022. 
• As of December 31, 2022, Bank of America had $45.5 billion of client balances in sustainable investments. 
• It has EV chargers installed at more than 35 locations for employee use. 
• It has had over 12,000 conversations with clients about the business case for net zero and a transition to a low-carbon economy.