Commercial Bank first bank in Qatar to sign MasterCard’s pledge to support environmental initiatives

Collaboration sees first introduction of Mastercard Carbon Calculator in Qatar.

Doha, Qatar: 24 March 2024: Commercial Bank, a leader in innovative digital banking in Qatar, and payments technology leader Mastercard joined hands to sign sustainability pledge that promotes environmental initiatives in Qatar. 

Various commitments were signed in Doha, at an event that was attended by Group CEO of Commercial bank, Joseph Abraham; EGM and Head of Retail banking at Commercial Bank, Shahnawaz Rashid; AGM, Head of Cards and Payments at Commercial Bank, Dr. Sudheer Nair; and Head of Cards Issuance, Products and Portfolio at Commercial Bank, Srikumar Chandrot.

Present on the occasion for the signing ceremony from Mastercard were the President of Eastern Europe, Middle East and Africa (EEMEA) at Mastercard, Dimitrios Dosis; President of the Middle East and North Africa Division (MENA), Khalid Elgibali; General Manager of MENA East responsible for the UAE, Pakistan, Qatar, Kuwait and Oman, J.K. Khalil; Country Manager of Qatar and Kuwait, Erdem Çakar; and account Manager of Qatar, Zulkarnain Qureshi.

For Commercial Bank and Mastercard alike, accelerating the transition to a sustainable and regenerative economy for all is a key business priority. Commercial Bank is the first in the market to sign Mastercard's Qatar Sustainable Cards Pledge, which mobilizes the country's banks to switch to cards made from more sustainable materials- including recycled or bio-sourced plastics such as rPVC, rPET, or PLA1 - by 2026. 

Commercial Bank also signed an agreement to introduce Mastercard's Carbon Calculator, making them the first financial institution in Qatar to do so. Developed by Mastercard in partnership with Swedish fintech company Doconomy, the Carbon Calculator allows consumers to receive a snapshot of the estimated carbon emissions generated by their purchases. 

Commercial Bank is further joining Mastercard's Priceless Planet Coalition, which unites the efforts of citizens, businesses, and corporate partners to fight climate change through funding the restoration of 100 million trees with the aim of contributing to the fight against climate change. By restoring 50,000 trees across the globe in collaboration with Conservation International, the World Resources Institute (WRI) and Mastercard, Commercial Bank will help cultivate a healthier global forest ecosystem. 

Commenting on this agreement, Joseph Abraham Group CEO of Commercial Bank said: "We are delighted to announce our partnership with Mastercard, solidifying our commitment to sustainability and environmental stewardship in Qatar. By joining forces, we aim to leverage innovation and responsible business practices to drive positive change and create a more sustainable tomorrow for generations to come." 

Dimitrios Dosis, President of Eastern Europe, Middle East and Africa (EEMEA) at Mastercard said: “At Mastercard, we are actively working with our global partner network to build a better future in line with our ethos of doing well by doing good. We are delighted to join forces with Commercial Bank to harness the power of our collective technology, scale, and commitment in creating a sustainable future for all." 

Shahnawaz Rashid, Commercial Bank's EGM and Head of Retail Banking said: "Together with Mastercard, we are poised to create a meaningful impact and lead by example in promoting a more sustainable and eco-conscious society. By signing this pledge, and through our innovative initiatives and collaborative efforts, we aim to reduce our environmental footprint and inspire others to join us in prioritizing sustainability." 

The pledge signed by Commercial Bank and Mastercard stands as a testament to the steadfast commitment to paving the way for a more sustainable future, one rooted in responsibility, innovation, and collective action. 

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