Mastercard has launched Priceless Planet Coalition, a platform to bring together corporate sustainability initiatives and make meaningful investments that can safeguard the environment.

The Priceless Planet Coalition is pledging to plant 100 million trees over five years.

Among the founding partners in the coalition include Citibank, Santander UK, IHS Markit, bunq, Saks Fifth Avenue, L.L. Bean, New York Metropolitan Transportation Authority, Transport for London, and American Airlines..

Although it is crucial for firms to aid in the reduction of carbon emissions by investing in energy efficient workplaces and operations, sourcing renewable energy, the responsibility for goes beyond their own efforts, stated Mastercard.

The private sector makes real impact by combining efforts and engaging consumers to reducing, it added.

Mastercard CEO and president Ajay Banga said: “No matter who you are or what you do, climate change affects you. But, it has the biggest negative impact on those who are socially and economically vulnerable. The time for just negating our environmental footprint has passed. Our best chance at changing the course we’re on and setting us all up for better futures is for companies and consumers to pull in the same direction towards a shared goal.”

Banga further added: “We are committed to help advance change. We have an incredible network of reach. We have an incredible network of partners. We can put them to work to help deliver positive impact for the environment in the form of a Priceless Planet Coalition.”

The aim of this new initiative is to have a real network effect, and thereby ultimately enabling the complete ecosystem to benefit.

Mastercard claimed that the firm and its customers reach almost three billion consumer and corporate cardholders and a primary element of this new initiative is to empower people to act.