Citi UAE announced that it has introduced Recycled PVC (rPVC) for its corporate cards, the rollout of which commenced in the Middle East, Europe, and Africa (EMEA) region in Q2.
The United Arab Emirates (UAE) was one of the earliest EMEA markets to unveil and issue rPVC corporate cards for its corporate clients. Citi UAE has already issued over 2100 new rPVC cards to Citi clients.
Each rPVC card will be made with 85 percent recycled industrial waste and signifies a reduction in CO2 emissions during the card manufacturing method, delivering a decline of 36 percent CO2 emissions in comparison to a standard PVC card.
Citi’s Net zero commitment
The company is dedicated to its goal of accomplishing net zero emissions associated with its financing by 2050, and net zero emissions for operations by 2030. While keeping these goals in mind, the emphasis is on the environmental impact of its processes and how it can provide sustainable products and solutions.
Vivek Vaidyanathan, Citi Treasury and Trade Solutions Head, Citi UAE, stated that the company’s focus is on relowering its carbon footprint and the use of rPVC for cards, which is just one of the sustainable initiatives helping the company achieve this goal. As the company moves towards digital, rPVC cards offer an eco-friendly alternative to the use of physical cards where essential, that would reduce potential adverse impacts on the environment.
Andrew Pugh, the Vice President and Head of Global Key Account Management, of the Eastern Europe, Middle East, and Africa at Mastercard, said in the quest to secure a more sustainable future for everyone, both responsibility and success is distributed. Citi is setting an inspiring example for positive environmental action by providing rPVC corporate cards, and the company is proud that their long-standing partnership reflects a shared passion to protect our valuable planet.
Pugh mentioned that every climate-conscious alternative matter, and every person and business can be part of a greener tomorrow. He further added that as the company continued to prioritise ESG action to reach net-zero emissions by 2040, Mastercard is honoured to collaborate with industry leaders to build a more sustainable digital economy for everyone.
Shahebaz Khan, General Manager for UAE, Bahrain & Oman at Visa, said that Citi’s decision to use rPVC for their corporate cards will benefit individuals and businesses alike to reduce their environmental footprint. He added that it is every action like this one making sustainability central to Citi’s decisions that enhances the company on its path to net-zero emissions by 2040.
At Visa, the company is working across its network, products, and partners to facilitate consumers and businesses to make sustainable choices, that is why Visa is proud to be part of this journey and partner with Citi to make better use of the earth’s resources, he added.
About Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) empowers client success by providing an integrated set of innovative and tailored trade finance services and cash management to multinational financial institutions, corporations, and public sector organisations around the world.
Based on the foundation of the industry’s largest proprietary network with banking licenses in more than one hundred countries and internationally integrated technology platforms, TTS continues to lead the way in offering the industry an inclusive range of digitally enabled trade, treasury, and liquidity management solutions.
Citi is a renowned banking partner for institutions with cross-border needs, an international leader in wealth management and a valued personal bank in its home market of the United States. Citi is present in more than 160 countries and jurisdictions, providing governments, corporations, investors, institutions, and individuals with a wide range of financial products and services.