Dubai, UAE: Citi has announced that it has introduced Recycled PVC (rPVC) for its corporate cards. In Q2/2022, the rPVC rollout commenced in the Europe, Middle East, and Africa (EMEA) region.
The United Arab Emirates (UAE) was one of the first EMEA markets to launch and issue rPVC corporate cards for its corporate clients. Citi UAE has already issued over 2,100 new rPVC cards to Citi clients.
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. 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.
Vivek Vaidyanathan, Citi Treasury and Trade Solutions Head, Citi UAE commented: “At Citi, we are pleased to introduce rPVC across our corporate cards portfolio in the UAE. Our main focus is on reducing our carbon footprint and the use of rPVC for our cards is just one of the sustainable initiatives helping us to achieve this goal. As we are moving towards digital, rPVC cards provide an eco-friendly alternative to the use of physical cards where required, that substantially reduce potential adverse impacts on the environment.”
Andrew Pugh, Vice President and Head of Global Key Accounts, Eastern Europe, Middle East and Africa, Mastercard, said: “In the quest to secure a more sustainable future for everyone, both responsibility and success is shared. Citi is setting an inspiring example for positive environmental action by providing rPVC corporate cards, and we are proud that our long-standing partnership reflects a shared passion to protect our priceless planet. Every climate-conscious choice matters, and every person and business can be part of a greener tomorrow. As we continue to raise the bar for ourselves and 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 all.”
Shahebaz Khan, General Manager for UAE, Bahrain & Oman at Visa, said: “Citi’s decision to use rPVC for their corporate cards will help individuals and businesses alike to reduce their environmental footprint. It’s every action like this one — making sustainability central to our decisions – that boosts us on our path to net-zero emissions by 2040. At Visa, we are working across our products, network, and partners to enable consumers and businesses to make the sustainable choices they want to make, that is why we are proud to be part of this journey and partner with Citi to make better use of the world’s resources.”
About Citi 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 organisations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 100 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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