Interview: Mastercard’s Andrea Prazakova on navigating the sustainability transition

Andrea Prazakova, senior vice president and ESG for EEMEA, at Mastercard has a wide-ranging conversation on sustainability, innovation, and corporate responsibility.

This is an excerpt from the Situation Today with Gulf Business podcast. You can listen to the full interview on our YouTube channel.

Q. What are the key elements of sustainable living and how can companies can support such measures?

Sustainability encompasses a spectrum of actions, from individual habits to systemic changes. It’s not just about personal choices like recycling or using reusable products, although those are crucial. Companies play a pivotal role by integrating sustainability into their core values and operations.

This means investing in green technologies, reducing carbon footprints, and fostering inclusive practices. Banks and financial institutions can encourage sustainability by offering incentives for eco-friendly choices, making it financially rewarding for individuals and businesses to opt for sustainable solutions. Municipalities also play a key role in infrastructure and policies that support sustainability. Ultimately, it’s a collaborative effort to make sustainability accessible and impactful across all levels of society.

Q. How do you personally engage in sustainability?

My approach to sustainability is multifaceted. I make conscious choices in my daily life, such as opting for secondhand or eco-friendly products whenever feasible. However, I’m also aware of the challenges associated with sustainability, particularly the cost factor. I faced a dilemma during a recent trip when I found that a more sustainable travel option was significantly more expensive. This highlighted the disparity in accessibility when it comes to sustainable choices. It’s a constant balancing act between personal convictions and practical limitations.

Q. As a corporate executive and a mother managing household finances, how do you balance decision-making?

Andrea: Balancing different roles can be a juggling act at times. Sustainability, for me, extends beyond environmental aspects; it includes personal well-being and the health of my family. Finding that equilibrium involves prioritising what matters most and making decisions that align with my values. It’s an ongoing learning process, and I continually reassess and refine my approach as I navigate these various responsibilities.

Q. What is Mastercard’s approach to sustainability?

At Mastercard, our approach revolves around three core pillars: planet, people, and prosperity. We’ve set ambitious goals to contribute positively to the environment, promote financial inclusion, and drive economic growth that benefits all stakeholders. What sets us apart is the integration of sustainability into our corporate DNA. Our commitment is not just a statement; it’s reflected in our actions. For instance, we’ve tied our bonuses to achieving sustainability targets, emphasizing the significance of these goals to our company’s success.

Q. What sets its approach apart from other industry efforts?

Mastercard’s distinctiveness in sustainability stems from our holistic and inclusive approach. We’ve established a dedicated sustainability innovation lab that explores cutting-edge technologies to address environmental and social challenges. Our services are designed to be comprehensive and accessible, transcending specific brands or sectors. Inclusivity is at the core of our sustainability initiatives, aiming to involve as many stakeholders as possible in our efforts towards a sustainable future.

Q. How does technology intersect with sustainability at Mastercard?

Technology is a powerful catalyst for sustainability at Mastercard. Innovations like AI, blockchain, and data analytics are instrumental in driving positive change. AI, for example, has the potential to revolutionise finance by customising products and services based on sustainable choices. We’re also exploring the use of satellite data to evaluate household energy consumption, enabling us to offer more tailored and eco-conscious solutions. Embracing these technological advancements empowers us to create innovative, sustainable solutions for a better tomorrow.

Q. What about data security and AI misuse concerning sustainability?

Data security is a critical aspect, especially when integrating AI and other technologies into sustainability initiatives. At Mastercard, ensuring the security of transactions and data is paramount. This holds particular importance in the evolving landscape of cryptocurrencies, where securing transactions and maintaining data integrity are vital. We’re dedicated to assisting companies in crafting robust data strategies that ensure responsible and ethical data usage, thus contributing to both data security and sustainable business practices.