London - Citi has announced that it has introduced Recycled PVC (rPVC) for its corporate cards. The rollout will start in the Europe, Middle East, and Africa (EMEA) region, before being distributed globally.
The rPVC cards will be produced from recycled industrial plastic material that typically comes from industries such as printing and packaging. The cards will go through an open loop recycling process, meaning old products are transformed into new products delivering a significant benefit in the reduction of industrial plastic waste.
Every rPVC card will be made with 85% recycled industrial waste per finished card and represents a reduction in CO2 emissions during the card manufacturing process, delivering a reduction of 36% CO2 emissions in comparison to a standard PVC card.
Furthermore, to ensure that no unnecessary wastage occurs by replacing original cards that have not yet expired, the rollout will commence in EMEA in April 2022 and will be introduced globally in a phased manner.
Citi is committed to its goal of achieving net zero emissions associated with its financing by 2050, and net zero emissions for operations by 2030. With these goals in mind, the focus is on the environmental impact of our processes and how we can provide sustainable products and solutions.
Trudy Curtis, EMEA Head of Commercial Cards at Citi Treasury and Trade Solutions, commented: "At Citi, our focus is on reducing our carbon footprint and the use of rPVC for our corporate cards is just one of the sustainable initiatives helping us to achieve this goal. As we move further towards digital, we are pleased that where we require physical cards, the use of rPVC provides a more environmentally friendly alternative. As a dual network issuer, we are able to offer rPVC across both Mastercard and Visa."
The new Mastercard Citi cards will feature the Mastercard Sustainable Card Badge, which identifies cards that are made more sustainably and that meaningfully reduce energy consumption, material consumption, carbon footprint and waste. The badge serves as an everyday reminder of the commitments made to address sustainability concerns.
Ajay Bhalla, President of Cyber & Intelligence for Mastercard, said: "We are helping banks like Citi offer more eco-friendly cards to their customers – put simply, it's better for the environment and it's better for business. By partnering on sustainable cards, we're building on our longstanding relationship of working together to solve the needs of our shared customers. We invite more organizations to join us, as we collectively use our power for good to address these pressing environmental challenges."
Stephen King, Vice President Sustainability Solutions, Visa Europe, said: "More sustainable use of the world's natural resources is a critical step in the global transition to a low-carbon economy. Citi's decision to use rPVC for their corporate cards will help individuals and businesses alike to reduce their environmental footprint. It's every little action like this one — making sustainability central to our decisions — that boosts us on our path to net zero. We're delighted to work with Citi and all our partners to make better use of the world's resources. It makes for better products, smarter finance and a brighter future for everyone."
About Citi's Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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