Commercial Bank and Mastercard have joined forces to sign a sustainability pledge. The signing ceremony, held in Doha, saw the participation of key executives from both organizations, including Joseph Abraham, Group CEO of Commercial Bank, and Dimitrios Dosis, President of Eastern Europe, Middle East and Africa (EEMEA) at Mastercard.

The event marked a significant step towards promoting sustainability in Qatar’s banking and payment sectors. Commercial Bank became the first in the market to sign Mastercard’s Qatar Sustainable Cards Pledge, committing to transitioning to cards made from more sustainable materials, such as recycled or bio-sourced plastics, by 2026.

Additionally, Commercial Bank signed an agreement to introduce Mastercard’s Carbon Calculator, making it the first financial institution in Qatar to do so. This innovative tool, developed in partnership with Swedish fintech company Doconomy, enables consumers to estimate the carbon emissions generated by their purchases, promoting environmental awareness and accountability.

Furthermore, Commercial Bank announced its participation in Mastercard’s Priceless Planet Coalition, aligning efforts to combat climate change by funding the restoration of 100 million trees globally. By restoring 50,000 trees in collaboration with Conservation International, the World Resources Institute (WRI), and Mastercard, Commercial Bank aims to contribute significantly to building a healthier global forest ecosystem.

Joseph Abraham, Group CEO of Commercial Bank, expressed enthusiasm about the partnership, stating, “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 EEMEA at Mastercard, emphasized the importance of collective action in building a sustainable future, saying, “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, highlighted the significance of the pledge in promoting eco-conscious practices, stating, “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 reflects a steadfast commitment to driving sustainability through responsible business practices, innovation, and collective action, setting a precedent for other organizations to follow suit.