CB joins MasterCard to support environment initiatives

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

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 JK Khalil, Country Manager of Qatar and Kuwait Erdem Cakar and account Manager of Qatar, Zulkarnain Qureshi.

Various commitments were signed in Doha, at an event that was attended by Commercial Bank Group CEO Joseph Abraham, EGM and head of retail banking at Commercial Bank Shahnawaz Rashid, AGM and head of cards and payments at Commercial Bank Dr Sudheer Nair, and head of cards issuance, products, and portfolio at Commercial Bank Srikumar Chandrot.

Commercial Bank is the first in the market to sign Mastercard’s Qatar Sustainable Cards Pledge, which mobilises 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 to contribute to the fight against climate change.

The World Resources Institute (WRI) and Mastercard, Commercial Bank will help cultivate a healthier global forest ecosystem by restoring 50,000 trees across the globe in collaboration with Conservation International,

Commenting on this agreement, Joseph Abraham 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 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 to creating a sustainable future for all.”