Visa and Mastercard, processing billions of payment transactions yearly, reported strong financial growth in 2025, driven by rising payment volumes and cross-border transactions. However, their massive operations generate significant carbon emissions, pushing them to adopt sustainability and net zero strategies.
Strong Numbers, Stronger Strategy: Visa’s Q1 2025 Performance
Visa reported strong Q1 2025 results, with net revenue rising 10% year-over-year (YoY) to $9.5 billion. Net income also increased 5% to $5.1 billion, while GAAP earnings per share (EPS) grew 8% to $2.58 and non-GAAP EPS stood at $2.75. Visa’s board declared a quarterly cash dividend of $0.59 per share.

The company attributed its growth to strong consumer spending, a rise in payment volume, and an increase in cross-border transactions. CEO Ryan McInerney highlighted three major growth drivers:
- Consumer payments,
- New payment flows, and
- Value-added services.
These areas continue to expand as Visa strengthens its global network.
A key move during the quarter was Visa’s acquisition of Featurespace, an artificial intelligence-powered fraud protection firm. This acquisition aligns with Visa’s long-term goal of enhancing transaction security.
While Visa continues to grow, its expenses are also increasing, particularly in research and development. However, its strong revenue growth has helped maintain profitability and reinforce its position as a leader in the payments industry.
Mastering Growth: How Mastercard Outpaced Expectations
Mastercard posted strong 2024 results, with net revenue increasing 12% YoY to $28.2 billion, beating market expectations. Adjusted EPS grew 19% to $14.60, exceeding analyst estimates. Its adjusted operating margin improved slightly to 58.4%.
In Q4 2024, Mastercard’s gross dollar volume reached $2.6 trillion, up 12% YoY. Cross-border volumes, a key revenue driver, rose 20%, while switched transactions increased 11% to 42.2 billion. The company’s value-added services generated $3.1 billion in revenue, up 16%.

Mastercard’s value-added services and solutions business also played a critical role in its financial performance. Net revenue from these services reached $3.1 billion, a 16% YoY increase, driven by demand for security, digital authentication, and market insights.
Unlike Visa, Mastercard experienced a sharper increase in operating expenses, which climbed by 14% YoY to $3.3 billion. The rise was mainly due to higher general and administrative costs. However, adjusted operating income still grew by 15% YoY to $4.22 billion.
Both Visa and Mastercard reported strong financial growth, but Mastercard outpaced Visa in revenue, EPS growth, and transaction volume. Visa focused on operational efficiency and security investments, while Mastercard’s cross-border transactions and value-added services drove its growth.
A Green Rivalry: Who’s Leading the Sustainability and Net Zero Race?
Despite rising expenses, both companies remain leaders in the global payments industry. However, their massive operations with billions of transactions processed annually generate carbon emissions, prompting them to reduce their environmental footprint. While they share common goals, their sustainability and net zero approaches differ.
Swiping Towards Sustainability: Visa’s Carbon Goals and Green Investments
Visa aims to reach net-zero emissions by 2040, aligning with the Paris Agreement’s 1.5°C pathway. It has been carbon neutral in its operations since 2020, achieving this by reducing direct greenhouse gas (GHG) emissions and purchasing carbon offsets. The company sources 100% renewable electricity for its offices and data centers, significantly cutting GHG emissions.
Visa has made notable strides in reducing its operational emissions, particularly in Scope 1 and 2 emissions, which saw a downward trend from 2009 to 2022. However, in 2023, Scope 1 and 2 emissions increased from 6,400 to 10,600 metric tons of CO2 equivalent, primarily due to a slight uptick in Scope 2 emissions, rising from zero in 2022 to 300 metric tons.

Despite this, Visa continues to offset its emissions significantly toward net zero. The payment processor has invested in carbon offsets equivalent to 66,300 metric tons of CO2 in 2023.
In terms of Scope 3 emissions, Visa experienced a slight rise in 2023, reaching 409,500 metric tons of CO2 equivalent. This is driven mainly by increases in employee commuting and business travel, while emissions from purchased goods and services saw a small decrease.

Carbon Offsets, Green Finance, and Climate Tech Solutions
Visa invests in renewable energy projects and high-quality carbon offset programs. The company supports global reforestation initiatives and clean energy transition projects.
In 2023, Visa’s environmental investments helped mitigate the equivalent of 400,000 metric tons of CO2 emissions.
The payment processor’s sustainability efforts extend to financial products. Visa has partnered with fintech firms to introduce carbon footprint tracking tools for consumers.
Through the Visa Eco Benefits program, banks can offer sustainability-focused rewards and carbon offset options. Additionally, Visa has worked with financial institutions to issue over 20 million eco-friendly payment cards made from recycled materials or biodegradable alternatives.
Furthermore, Visa is integrating sustainability into mobility and payment solutions. The company supports contactless payments for public transit to reduce reliance on cash and has collaborated with EV charging networks to streamline payments.
The company is also investing in climate-focused fintech startups that develop solutions for carbon tracking and sustainable finance. However, compared to its competitor, its indirect emissions strategy is less aggressive.
Priceless Progress: Mastercard’s Commitment to a Net-Zero Future
Mastercard has been carbon neutral in its operations since 2021 and aims to reach net-zero emissions by 2040. Like Visa, it sources 100% renewable electricity for its offices and data centers.
Mastercard has made significant progress in reducing its GHG emissions as part of its commitment to environmental sustainability. In 2023, the company achieved a 1% reduction in total emissions, totaling 557,545 metric tons of CO2 equivalent across Scope 1, 2, and 3.

Notably, its Scope 1 and 2 emissions, which account for 9% of total GHG emissions, decreased by 7%, producing 52,054 metric tons of CO2 equivalent. These emissions have declined significantly, 48%, from its 2016 baseline.
For Scope 3 emissions, which make up 78% of the company’s total emissions, Mastercard saw a 3% reduction in its supply chain emissions in 2023, totaling 437,588 metric tons of CO2 equivalent.
The payment processor remains on track to meet its 2025 targets of reducing Scope 1 and 2 emissions by 38% and Scope 3 emissions by 20% compared to 2016 levels.
Mastercard‘s Scope 3 emissions came from indirect sources, primarily from its financial partners and supply chain. To address this, the company has integrated sustainability criteria into its vendor selection process and encourages its banking partners to reduce their own carbon footprints.

Mastercard’s Green Finance and Reforestation Efforts
Mastercard takes a different approach to carbon offsets and net zero from Visa. The company launched the Priceless Planet Coalition, a global reforestation initiative aiming to restore 100 million trees by 2025.
Through this initiative, Mastercard has already funded the planting of 60 million trees across 20 countries, aiming to remove approximately 10 million metric tons of CO2 from the atmosphere by 2030.

Mastercard has also taken the lead in sustainable financial tools. The Mastercard Carbon Calculator, developed with Doconomy, allows consumers to track the carbon footprint of their purchases directly within their banking apps. Over 50 banks worldwide have integrated this tool, helping millions of users make informed spending decisions.
Additionally, Mastercard has expanded its ESG-linked financial products, including green bonds and sustainability-focused credit cards. In 2023, the company supported the issuance of $500 million in ESG-linked financial products, reinforcing its commitment to sustainable finance.
Mastercard is also investing in climate technology and EV infrastructure. It has partnered with global EV charging networks to streamline payment processes and promote wider EV adoption. The company is also funding fintech startups that focus on climate risk management and sustainable investment platforms.
Visa vs. Mastercard: Who Leads in Sustainability?
Both Visa and Mastercard are making significant strides in financials and net zero. They both have achieved carbon neutrality in their operations, but Mastercard appears to have a more comprehensive and aggressive approach.
By integrating sustainability into financial products, investing in large-scale reforestation, and actively reducing indirect emissions, Mastercard sets a higher standard in climate action. Visa, on the other hand, excels in operational efficiency and renewable energy adoption but may need to expand its influence over its financial network to achieve a more substantial impact.
The post Visa vs. Mastercard: Who’s Leading the Charge in Finance, Sustainability, and Net Zero? appeared first on Carbon Credits.
Carbon Footprint
McKibben opts for a small-tent climate movement
A few months ago I went to a climate change forum at the Center for Brooklyn History. The panel I attended, “Confronting Climate Change: Understanding Deniers,” featured the prominent climate activist, Bill McKibben.
Bill McKibben. Courtesy https://billmckibben.com/.
I was curious to hear McKibben’s take on climate change deniers. I don’t regard the true deniers as a big problem – they’re only 11-15% of our country, according to most polls. Rather, I wondered if McKibben would label as “climate deniers” people who agree that climate change is a significant problem but disagree with his framing and his proposed solutions. I have worked for decades on energy and climate matters as an energy lawyer. Now, more than ever, I believe that to address climate change we need to build a big tent.
In the Q&A I tested where McKibben is on this by asking if he would label as a climate denier someone who subscribes to the main tenets of climate change science yet holds that natural gas has a role to play as a bridge fuel. (Our exchange starts at 1:12:45 of the video.)
This could have been a chance for McKibben to make clear that such a view isn’t climate denialism, even if he feels it’s misguided. But he punted, saying “I don’t care whether they’re deniers or not.” For good measure, he threw in his long-standing refrain that swapping coal for natural gas makes climate change worse, despite coal’s far higher carbon content per unit of energy.
674-MW methane-powered generating station, Salem, MA.
As you can hear in the recording, McKibben’s claim that gas is worse than coal draws on the work of Cornell scientist Robert Howarth. Yet McKibben didn’t mention that Howarth’s work is controversial and disputed by many scientists. The crux of the dispute is whether methane’s impact on warming should be measured with a 20-year or 100-year time frame.
Methane is a relatively short-lived greenhouse gas, with a lifetime of around 10 years, versus the 100-year life applicable to carbon dioxide. But each ton of methane is far more potent while in the atmosphere, trapping roughly 100 times as much heat as a ton of CO2. These cross-cutting facts about atmospheric methane — shorter life but greater potency than CO2 — have resulted in two opposing camps: one insisting on a 20-year timeframe for greenhouse gas accounting, the other adhering to the established 100-year frame. This matters because with a 20-year timeframe, generating electricity with natural gas (which, chemically speaking, is essentially all methane) is more damaging to climate than coal-fired electricity.
McKibben blew past this dispute. To hear him at the Center for Brooklyn History, one would have no inkling that there’s an active disagreement over which timeframe to use, that there are staunch climate activists who favor the 100-year time frame, and that the Intergovernmental Panel on Climate Change (IPCC) generally uses the 100-year timeframe.
McKibben’s latest (2025) book. Published by W.W. Norton & Company.
McKibben also insisted that a discussion about natural gas’s potential role in mitigating climate change as a replacement for coal is irrelevant because solar “is now our cheapest resource.” McKibben’s claim, of course, suffuses “Here Comes the Sun,” his 2025 book that extols solar power as the cheapest solution for all of our energy needs. But this too is questionable, because it’s based on cost comparisons between solar farms and natural gas power plants (or nuclear power plants) that fail to consider that electricity supply and delivery is a complex system of wires and plants rather than individual power plants. Based on his remarks, McKibben is choosing to ignore studies such as the comprehensive 2025 report from the Clean Air Task Force that concluded that plant-level cost comparison “is a good metric to track historical technology cost evolution [but] is not an appropriate tool to use in the context of long-term planning and policymaking for deep decarbonization.” And the task force is not alone in finding that when electricity is treated as a system, solar loses its place as the cheapest low-carbon resource.
The dogmatism McKibben displayed at the Brooklyn meeting was unfortunate. We’re in a time when efforts to combat climate change are in retreat. A unified front is required to turn the tide. Instead of doubling down on absolutist positions, activists like McKibben who seem convinced that the solution to climate change is all-renewables, end of discussion, should be seeking common ground with others who want climate action but believe that nuclear power and natural gas must also play a role.
NYC Climate March, Sept 17, 2023. Photo: C. Komanoff.
Climate change activists need to build a bigger tent, rather than call anyone who disagrees with their positions a climate change denier. It is striking that McKibben stuck to his guns after saying in the same talk that the most important goal for everyone right now is to help climate change realists win more House and Senate seats in this year’s midterms. As some have noted, an absolutist position on natural gas appears less likely to achieve that win and politicians are following that advice.
Will McKibben evolve? He has demonstrated that he knows how to build a national climate movement centered around issues like divestment. Given the current political situation, he should focus on building an even bigger tent by welcoming all of the 85% who believe that we need to address climate change but do not agree with his ideological positions.
Rich Miller is an energy lawyer who has worked for a variety of stakeholders and now gives walking tours in lower Manhattan on the history of electricity.
Carbon Footprint
Rebranding ‘Balcony Solar’ as ‘Guerrilla Solar’ won’t lift its climate value.
Image generated with Claude. Why have we juxtaposed a bicycle with balcony solar? Read on.
First it was Plug-In Solar. Then it was Balcony Solar. Now it’s Guerrilla Solar, at least according to Inside Climate News, which yesterday proclaimed that The ‘Guerrilla Solar’ Era Has Arrived.
“It,” of course, is Modular solar panels. They’re the hot new photovoltaic solution: cheap enough to buy at Home Depot, easy to hang or prop to catch maximum rays, and small enough to fit on a balcony (if you’ve got one) and plug into your “home grid.” But, alas, too meager a generator of electricity to be more than a bit player in decarbonizing most U.S. homes.
How do I know? I’ve done the math.
A standard, lower-end 220-watt balcony solar array will produce 337 kilowatt-hours a year, or 28 kWh a month averaged over the course of a year. That’s for a 220W unit measuring 3.5 feet by 3.5 feet. (220W x 1/1000 x 17.5% x 8760 hours per year = 337 kWh. Calculation assumes a 17.5% full-year capacity factor, which is arguably generous for New York, where I live. )
Our balcony solar mashup. Top: an install in Germany. Bottom: Home Depot advert.
A typical U.S. home consumes 10,500 kWh a year, or 28 to 29 kWh per day, says Solartech, drawing on U.S. Energy Information Administration data. That puts a home’s daily power needs on par with a balcony solar unit’s monthly output. In effect, once each month the balcony array gifts a homeowner or renter a bit more than day’s full complement of electricity. And earth’s atmosphere gets the same respite: a 3 percent reduction in carbon emissions caused by the home’s electricity usage.
(The 3 percent figure could also be calculated directly by dividing 337 kWh per year of solar production by 10,500 kWh per year to run the home. For bigger or smaller arrays, just prorate your assumed wattage by my 220W; for 440W, say, double my figures.)
Balcony Solar metrics
Why write about balcony solar if it’s so inconsequential? CTC’s mission includes puncturing would-be climate balloons before they ascend too far. In the same vein, we practice quantification to make clear what does and doesn’t move the climate needle. (More on that further below.)
The best way to depict balcony solar’s climate value is to express it in terms of tangible metrics. We’ve selected two. Both assume the basic, lower-end PV array I assumed at the top: a 3.5 foot-square array whose peak output is 220 watts.
1. It would take 50 million 220W balcony solar units (bsu’s) to restore the climate benefit we destroyed in 2020-2021 when we shut the high-performing Indian Point nuclear power plant 32 miles from Midtown Manhattan.
2. A single person cutting back their driving by a mile a day would provide the same climate benefit over the course of a year as a single 220W bsu.
(Calculations in sidebar. Now you know why we led with images of an urban dweller as cyclist and balcony solar user.)
Yes, it’s dense — as befits a sidebar. The numbers tell a story. Follow the color co-ordination.
Ponder that: It would take fifty million smallish bsu’s to level up to the fossil fuel carbon emissions that Indian Point was keeping at bay by supplying the New York City area year in and year out with abundant carbon-free power. Deploying that many balcony solar units would entail 10 bsu’s for each of the 5 million households in the MTA’s service territory. (The Metropolitan Transportation Authority provides subway, bus and commuter rail transit in the five boroughs and seven suburban counties.) Or, if those same households upgraded to 1100-watt bsu’s, collectively they would still make up only half of the lost Indian Point power.
The second comparison, involving driving, is perhaps trickier to grasp but more interesting, since it relates to people’s behavior. Living differently isn’t part of public discourse, at least not in the USA, and especially when what’s being served up is using less. But “reducing,” as we might call it (remember “Reduce, Reuse, Recycle”? or, “Insulate, then Insolate”?) is just as potent for cutting emissions as switching to renewables — even more so when the reducing means driving less, considering the multitude of benefits that accrue from diminishing cars’ imprints on our communities. Still, staying on topic: driving just one fewer mile per day brings about the same shrinkage in carbon emissions as deploying one 220W solar array.
What Balcony Solar boosters are really saying
To be fair, our friends at Inside Climate News and, yes, The New York Times appear to be trying to modulate their balcony solar enthusiasm.
ICN‘s Dan Gearino, whom we cited up front, said he looked to Germany, the birthplace of balcony solar, to see if the units made sense for U.S. households. His takeaway: “It may make more sense financially to spend the cost of plug-in solar on insulation, air sealing or other basic measures to reduce energy use.” Hooray: insulate before you insolate.
Gearino helpfully interviewed renewables guru (and U.S. emigré) Craig Morris, who currently heads Germany’s plug-in solar trade association, Bundesverband Steckersolar. To Morris, balcony solar’s main advantages are that it provides power without taking up land, and that it affords people a way to “become participants in the transition to clean energy.” Behold, guerrilla solar. That, in turn, bolsters “the political consensus that supports the transition.” But Morris also made clear that widespread adoption of plug-in solar would only meet “about 2 percent of Germany’s electricity demand.”
Morris’s “about 2 percent” feels right for Germany. But not for the U.S., where widespread adoption of virtually any individual carbon alternative seems forever out of reach, and where the energy pie is so much larger — think giant fridges, freezers for beer, steroidal homes bursting with piles of powered toys, not to mention industrial and institutional electricity use that Morris correctly excluded from his figure.
Don’t forget to micro-dose. NYT headline + image for David Wallace-Wells’ guest essay (see text). Image by Rui Pu.
Both Gearino and Morris seem more measured than climate journalist Robinson Meyer, founding editor of Heatmap and frequent contributor to The Times, where he wrote about balcony solar in mid-June.
“New zero-carbon power kits will allow Americans to make their own energy choices,” declares the callout to the print version of Meyer’s NYT guest essay, The Tiny Solar Panel That Could Change America. (The even more expansive print headline invites us to “Forget Roofs. Backyard Solar Is the Next Frontier.”)
Wallace-Wells is of two minds. He calls balcony solar “a small way that apartment- and condo-dwelling Americans can take ownership of their energy choices and cut down their pollution on the margins.” No quarrel there, thanks to his qualifiers “small” and “on the margins.” Earlier, though, he opines that balcony solar units “have the potential to change how Americans understand and consume energy,” But read further and you’ll again see Wallace-Wells cautioning that “Balcony solar will play one small role in [the] drama” of transiting to the new world of clean, abundant energy.
Any such caveats are welcome these days, amid widespread solar hoopla. Still, it doesn’t seem to be in Wallace-Wells’ toolkit — or that of Inside Climate News and other mainstream climate journalists — to tutor their audiences as to the true limits of balcony solar and other panaceas. Just like it wasn’t in their field of vision a decade ago to lay out the true stakes of shutting Indian Point as Riverkeeper was singing its siren song.
What’s Next for NY Balcony Solar
Meantime, as Canary Media reported recently (and helpfully), New Yorkers concerned with climate and affordability are waiting for NY Gov. Kathy Hochul to sign the recently passed SUNNY (Solar Up Now New York) Act legalizing balcony and other plug-in solar. It would be head-spinning (and politically suicidal) if she didn’t, given near-universal support ranging from Con Edison to DSA Assembly Member Emily Gallagher, who told Canary Media, “This is the most popular bill I’ve [ever] worked on.”
My guess is that Hochul is waiting for the right moment, and perhaps the right “package,” that can advance and not undercut her push to launch five large new nuclear power plants around the state — one to be built by the public New York Power Authority, the others to be constructed and operated privately. A little bit of math, a la what we offered here a la Indian Point, might help her out.
The governor also must manage the veritable hot potato of her deferred implementation of the landmark 2019 Community Leadership and Climate Protection Act. She might do well to consider jettisoning the act’s unwieldy cap-and-invest centerpiece in favor of a straight-up carbon tax (with the revenues distributed pro rata to the state’s households) in its place. That, far more than balcony (or guerrilla) solar, could blow open the door to the “innovations and technologies we cannot yet imagine” that Wallace-Wells fantasized about in his Times essay.
Carbon Footprint
The new SBTi Corporate Net-Zero Standard: what it means for business
On 11 June 2026, the Science Based Targets initiative (SBTi) published the most substantial revision of its flagship corporate framework since its introduction. The SBTi Corporate Net-Zero Standard Version 2.0 takes effect on 1 February 2027 and reshapes the way companies approach their net-zero targets.
![]()
-
Greenhouse Gases11 months ago
Guest post: Why China is still building new coal – and when it might stop
-
Climate Change11 months ago
Guest post: Why China is still building new coal – and when it might stop
-
Greenhouse Gases2 years ago嘉宾来稿:满足中国增长的用电需求 光伏加储能“比新建煤电更实惠”
-
Climate Change2 years ago嘉宾来稿:满足中国增长的用电需求 光伏加储能“比新建煤电更实惠”
-
Renewable Energy8 months agoSending Progressive Philanthropist George Soros to Prison?
-
Climate Change2 years ago
Bill Discounting Climate Change in Florida’s Energy Policy Awaits DeSantis’ Approval
-
Carbon Footprint2 years agoUS SEC’s Climate Disclosure Rules Spur Renewed Interest in Carbon Credits
-
Greenhouse Gases12 months ago
嘉宾来稿:探究火山喷发如何影响气候预测

