Commercial Bank, a leader in innovative digital banking in Qatar, and payments technology giant Mastercard have come together to sign a sustainability pledge aimed at promoting environmental initiatives in Qatar. The signing ceremony, held in Doha, witnessed the commitment of both entities to accelerate the transition to a sustainable and regenerative economy.

Among the distinguished attendees were key figures from Commercial Bank, including Group CEO Joseph Abraham, EGM and Head of Retail Banking Shahnawaz Rashid, AGM and Head of Cards and Payments Dr. Sudheer Nair, and Head of Issuance and Portfolio Srikumar Chandrot. Representing Mastercard were prominent leaders such as President of Eastern Europe, Middle East and Africa (EEMEA) Dimitrios Dosis, President of the Middle East and North Africa Division (MENA) Khalid Elgibali, and other high-ranking executives.

Central to the agreement is Commercial Bank’s commitment to becoming the first in the market to sign Mastercard’s Qatar Sustainable Cards Pledge. This initiative aims to transition to cards made from more sustainable materials, including recycled or bio-sourced plastics, by the year 2026. Additionally, Commercial Bank will introduce Mastercard’s Carbon Calculator, allowing consumers to track the estimated carbon emissions generated by their purchases, thus promoting awareness and responsible consumption.

Furthermore, Commercial Bank will join Mastercard’s Priceless Planet Coalition, a global initiative focused on combating climate change by funding the restoration of 100 million trees worldwide. By pledging to restore 50,000 trees in collaboration with Conservation International, the World Resources Institute (WRI), and Mastercard, Commercial Bank aims to contribute significantly to the preservation of global forest ecosystems.

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 signifies a shared commitment to paving the way for a more sustainable future in Qatar. Through responsible practices, innovation, and collective action, both entities aim to drive positive environmental impact and inspire others to join in their efforts towards sustainability.