Mastercard is to open a 'Sustainability Innovation Lab' in Stockholm, which will act as a research and development space for the creation of climate conscious products.
The new Lab will explore how technologies such as 5G, quantum and advanced AI can be applied to address environmental challenges. It will consist of an R&D Center focused on technology for sustainable consumption and value chains; a 'Labs as a Service' platform to convene partners and customers in the creation o fnew products; and a Mastercard Experience Center for hands-on product demos and in-person engagement.
Research and development within the Lab is already underway - with dedicated Mastercard employees, startup partners and customers - and the physical space will open in spring 2022.
Mastercard has a track record of building partnerships with startup innovators in the Nordics region, where the new Lab will be based, having most recently collaborated with the Swedish fintech Doconomy to create the Mastercard Carbon Calculator.
Mastercard is also nurturing climate-focused fintech innovation through the Climate Fintech Cards & Payments Challenge and its Start Path startup engagement program.
“Fostering innovative solutions with practical applications is urgently needed to achieve global climate change goals,” says Kristina Kloberdanz, chief sustainability officer, Mastercard. “As we continue to build a more sustainable digital economy, the Sustainability Innovation Lab will enable us to co-create a robust portfolio of environmentally friendly solutions, uniting everyone - businesses and consumers alike - in climate action.”