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
Designing an Insetting Program: A Step-by-Step Playbook for Procurement
Insetting program design starts with your supplier map. The carbon claim comes much later.
Consider a coffee procurement team that funds a farm intervention before checking its sourcing data. The supplier aggregates coffee lots from several regions. The buyer lacks farm-level traceability. Another purchaser expects to report the same outcome. A more attractive project brochure solves none of these problems.
If the distinction between a value-chain intervention and a purchased credit is still open, read CCC’s Insetting vs Offsetting guide before you set the brief.
Insetting program design begins with the purchasing relationship and works outward. You need to decide 1) where an intervention belongs, 2) what business problem it addresses, 3) who pays for it, 4) how results will be measured, and 5) what the evidence will let you say about them. This five-step playbook turns that sequence into a procurement plan.
Step 1: Insetting program design starts with supplier mapping
Start with the commodities that matter most to your Scope 3 inventory and sourcing continuity. Ask finance for spend by supplier, sustainability for the emissions baseline, and category managers for origin and volume records. Then identify which suppliers can trace material to a jurisdiction, sourcing region, producer group, or individual land-management unit.
The level of traceability affects what you can account for. Under the GHG Protocol Land Sector and Removals Standard, the spatial boundary for purchased land-based products depends on the traceability associated with each volume. Farm-specific factors or removals require physical traceability through an acceptable chain-of-custody model. A contract with a tier-one trader, by itself, does not establish a link to the farms behind its deliveries.[1]
Build a first-pass table with five columns: commodity and annual volume; supplier and origin; current traceability level; land-use and production risks; and the business owner who can change the purchasing terms. Mark missing data plainly. A blank cell is cheaper to fix before a program starts than after a claim is drafted.
If your company sets an SBTi Forest, Land and Agriculture target (FLAG), keep its land-related target boundary separate from energy and industry emissions. The current FLAG guidance also requires relevant companies to assess primary deforestation-linked commodities in their value chains.[2]
Step 2: Choose a commodity and jurisdiction for a pilot
Select one supply corridor where the sourcing connection can be established and procurement has a reason to stay. A useful pilot has repeat purchases, suppliers willing to share records, an intervention matched to a diagnosed problem, and a defined plan to measure the result. Carbon potential alone is a poor selection rule if the supplier cannot deliver the crop your business needs.
Compare candidate regions on land-use risk, supplier concentration, local rights and tenure, the availability of baseline data, and exposure to drought, erosion, or forest conversion. Check the relevant legal requirements separately. A nature project does not satisfy a due-diligence obligation merely because it has a carbon method attached.
Consider a coffee buyer sourcing from two districts. In the first, producer-group records identify the farms, while recent dry seasons have increased rejected green coffee lots. In the second, deliveries pass through several intermediaries and farm origins are unknown. Pilot shade management in the first district, with local agronomic advice and quality checks built into the plan. The buyer can trace purchases there and test the intervention against a defined sourcing problem.
Use a short decision memo to record why the selected corridor beats the alternatives, what remains uncertain, and what would stop the pilot. That memo is the first control against a project drifting toward whatever happens to photograph well.
Step 3: Design the supplier engagement and commercial model
The intervention needs an owner on each side of the contract. Decide who supplies planting material or training, who maintains the practice, who bears the cost if a harvest disappoints, and how long the buyer expects to purchase from participating suppliers. Where smallholders participate, budget cash flow and technical support for practices that offer a later return.
Put these terms in a supplier agreement or pilot addendum. It should cover eligible farms and volumes, consent to data collection, access for monitoring, any land or carbon rights that matter, benefit sharing, and what happens if the purchasing relationship ends. Ask local counsel and producer representatives to review the arrangement. The Accountability Framework is a useful reference for supply-chain work involving forests, ecosystems, and human rights.[3]
Avoid assigning an automatic carbon benefit to the buyer. The contract should say which party has the right to report each outcome, how overlapping claims will be checked, and how any issued credits will be handled. A reduction reported in a buyer’s inventory cannot simply be sold for someone else’s offset claim without an accounting review. SBTi FLAG guidance excludes purchased credits used as offsets from near-term FLAG target achievement.[2]
Set commercial measures beside environmental ones: delivered volume, rejection rate, supplier retention, and procurement cost. They tell you whether the program works as a supply-chain investment, even if carbon accounting takes longer to resolve.
Step 4: Build monitoring, reporting, and verification before rollout
Agree on the baseline and data flow before paying for a full rollout. Identify the land units or sourcing regions in scope, the practices that change, the records suppliers already keep, and the additional measurements the program requires. Decide which data can come from field visits, transaction records, or remote sensing, and who checks each source.
For carbon, separate three questions. Did the practice happen? Did emissions or removals change under an applicable method? Can the buyer attribute a defensible share to its purchased goods without double counting? The GHG Protocol’s 2026 guidance includes dedicated chapters on spatial boundaries, data and methods, evaluating actions, credited outcomes, and assurance.[1] These are distinct jobs. A photograph of a planted tree answers only part of the first.
CCC’s MRV and Additionality article explains the separate evidence questions a project reviewer will ask.
Create an evidence file for every reporting period: dated supplier and farm records, purchase volumes, methods and emission factors, uncertainty, quality checks, and changes from the baseline. Specify who can challenge the data and how corrections are recorded. If a project also seeks credit certification, keep project accounting and corporate inventory accounting separate. The GHG Protocol says its land standard focuses on entity-level inventories and does not set the rules for credit certification.[4]
Start with the minimum viable measurement design that can survive review. Add complexity when the pilot tells you which data actually changes a decision.
Step 5: Decide what can be reported and claimed
Insetting program design needs reporting rules before the marketing copy. Procurement, sustainability, finance, and legal should agree on four distinct outputs: operational performance; observed land or nature outcomes; inventory effects, if the accounting criteria are met; and any separately issued credits. One dashboard can display them, but they should not share a single unqualified headline.
SBTi FLAG guidance allows certain land-based removals within a company’s operations or supply chain to contribute to FLAG pathways, subject to criteria including permanence, traceability, data quality, and allocation. It does not allow purchased offsets to meet near-term FLAG targets.[2] Eligibility therefore depends on evidence and the applicable target rules, not on calling an activity “insetting.”
Draft a claims register. For each proposed sentence, record the period, boundary, data owner, calculation method, reviewer, and whether the result is measured, estimated, or still a goal. If the evidence supports only “we funded a pilot with 200 farms,” say that. Do not turn a funding fact into a verified emissions reduction.
What good looks like by year three
Treat year three as a review point, not a promised payback date. A mature pilot should have mapped participating supply volumes, a stable supplier agreement, a repeatable data collection process, and a comparison of commercial and environmental results against the baseline. It should also have a documented answer for outcomes that cannot be included in the buyer’s inventory.
Scale only where the pilot improves a sourcing decision and the evidence can follow the product. If neither condition holds, redesign the intervention or change the corridor. A disciplined program can conclude that a site is unsuitable. That is useful procurement intelligence.
Discuss your insetting program with CCC
Carbon Credit Capital designs nature-based supply chain investments around sourcing needs and measurable sustainability outcomes. Schedule a consultation with our carbon and sustainability experts to map your tier-one supplier network, FLAG exposure, and first pilot decision.
Sources
[1] GHG Protocol, Land Sector and Removals Standard, version 1.1, and companion Guidance, June 2026: https://ghgprotocol.org/land-sector-and-removals-standard ; https://ghgprotocol.org/land-sector-and-removals-guidance
[2] Science Based Targets initiative, Forest, Land and Agriculture Science-Based Target-Setting Guidance, version 1.2, March 2026, especially pp. 16–17, 37, and 41: https://sciencebasedtargets.org/resources/files/SBTiFLAGGuidance.pdf
[3] Accountability Framework initiative, Accountability Framework and guidance for companies: https://accountability-framework.org/
[4] GHG Protocol, Frequently Asked Questions: Land Sector and Removals Standard, questions 10 and 18: https://ghgprotocol.org/blog/frequently-asked-questions-land-sector-and-removals-lsr-standard
Carbon Footprint
The Strategic Case for Nature-Based Carbon Investments
Nature-based carbon investments deserve consideration when they address a specific business dependency and produce outcomes you can measure. Imagine Moonbucks, a global coffee roaster planning next season’s espresso blend. It is considering natural Grade 4 coffee from Jimma, in southwestern Oromia, Ethiopia. Its sourcing decisions affect the roasting schedule and the cash tied up in coffee purchases. Moonbucks needs to understand which measures could protect that supply, what they would cost and how it would judge the results.
1. Define the sourcing problem before choosing a project
Moonbucks needs a dependable component for its espresso blend. Its procurement team wants continuity of volume and an agreed cup profile. Replacing a shipment at short notice could require new sample approval and changes to the blend, and given the schedules for cultivation, processing, and freight delivery, is practically impossible. Moonbucks needs to get this right, and its initial concern is inconsistent deliveries. It commissions an assessment of the supplying farms and post-harvest chain. The questions cover land condition, harvest availability and whether drying or storage problems are affecting saleable lots.
This distinction changes the investment brief. A tree-planting proposal cannot be assumed to fix drying problems. Better storage cannot restore eroded land. The team must establish which problem exists before selecting the response.
CCC’s guide to finding nature-based solutions in your supply chain explains where to look. Here, the next task is to turn a broad concern into a testable proposal.
2. Develop nature-based carbon investments around the actual supply chain
The assessment would trace Moonbucks’ purchases back through the exporter and supplying producer groups. Which farms supply the contracted lots? Who controls land-management decisions? How long does the buyer expect to maintain the purchasing relationship?
Furthermore, Jimma natural Grade 4 cannot be treated as interchangeable with every Ethiopian coffee. Moonbucks would need to test any substitute against its own blend and quality requirements.
Suppose Moonbucks’ assessment identifies an opportunity to maintain shade trees and restore vegetation along exposed streambanks. The IPCC describes agroforestry as a way to store carbon in vegetation and soil, with potential benefits for erosion control and water quality.1 Moonbucks would need local advice on species, growing conditions and maintenance before deciding how these measures fit its sourcing plan.
The proposal now has a defined sourcing connection and a candidate intervention. The next steps are to test its effect on production, assess carbon eligibility and build the financial case.
3. Compare the proposal with other ways to protect supply
WBCSD’s Nature-based Solutions Blueprint recommends comparing nature-based options with other responses across their benefits and costs.2 For Moonbucks, that means evaluating the landscape proposal alongside drying improvements, storage controls and alternative sourcing arrangements.
The product’s natural-process designation matters. Moonbucks should examine the drying and dry-milling chain alongside land conditions. Its team would check storage practices, contamination risks and incoming-lot quality to see whether problems arise before or after the coffee leaves the farms.
The revised proposal might combine land stewardship with separate post-harvest controls. Each component needs its own purpose and budget. A sustainability label should not obscure which activity is expected to solve which problem.
The project develops as the evidence improves. Its scope should follow the diagnosis rather than preserve the first idea unchanged.
4. Establish what the carbon outcome could count toward
Moonbucks’ sustainability team now tests the proposed carbon case separately from the sourcing case. Is the objective a measurable change in Moonbucks’ value-chain emissions, verified credits for separate voluntary use, or distinct outcomes under carefully defined arrangements?
Scope 3 covers value-chain emissions. A purchasing relationship alone does not prove that a farm intervention can be included in Moonbucks’ inventory. The team needs an applicable accounting method, defensible boundaries and evidence supporting attribution.
SBTi’s FLAG Guidance (forest, land and agriculture), version 1.2, says purchased credits used as offsets cannot meet near-term FLAG or energy and industry targets. Eligible land-based removals are subject to accounting requirements.3 Moonbucks needs to test its proposal against those rules before including an outcome in its targets.
For Moonbucks’ Jimma proposal, maintaining existing trees and establishing new vegetation could involve different carbon questions. Specialists must examine the baseline and additionality, meaning what changes because the project proceeds. They must also assess measurement and the risk that stored carbon is lost. CCC’s MRV and additionality article introduces those tests.
Until that work is complete, Moonbucks should not budget an assumed Scope 3 reduction or credit-sale receipt. Direct emissions reductions remain the priority.
5. Build a financial case that survives weaker assumptions
Moonbucks’ finance team would now build a multi-year budget. UNEP’s State of Finance for Nature 2023 compares current finance with the investment needed to meet climate, biodiversity and land-restoration goals.4 The company would cost its proposed activities, farmer participation and ongoing monitoring. Verification, where required, is a separate expense. Maintenance and responsibility for replacing failed plantings must remain visible after the initial establishment budget ends.
Operational benefits need equally careful treatment. If fewer rejected lots reduce emergency purchasing, count that saving once. Do not add “supply resilience” as another financial benefit when it represents the same avoided cost.
Moonbucks should compare a base case with slower benefits, higher implementation costs and no carbon revenue. It should also distinguish production outcomes from quality and shipment outcomes. A single good harvest would not prove that the landscape intervention caused better delivery performance.
A project can remain worth funding even when its carbon case needs more work. That decision must rest on the operational evidence and the company’s objectives, without unsupported environmental claims.
6. Fund a pilot with a clear expansion decision
Moonbucks’ first approval would fund a bounded pilot, rather than commit the entire sourcing program. Before spending, Moonbucks would agree on participating farms, responsibilities and the evidence needed at review.
Its scorecard could track farmer participation, implementation costs and plant survival, alongside accepted coffee volumes and lot-quality results. Carbon measurements would follow the selected method. Farm-level traceability must connect the intervention to the actual sourcing relationship.
Suppose Moonbucks’ review later finds that storage changes explain most quality improvements, while the land measures need longer observation. Those findings would shape the next decision: expand the proven component, adjust the landscape work or pause further spending. They would not justify crediting all improvements to tree planting.
This gives nature-based carbon investments a practical place in a multi-year strategy. Funding increases as the evidence supports it, and the project can change direction before a larger commitment.
Discuss a sourcing opportunity with CCC
Carbon Credit Capital’s nature-based supply-chain investment service uses its Dual-Value Model to examine supply-chain economics alongside potential sustainability outcomes.
Schedule a consultation to discuss your sourcing exposure and the questions to resolve before allocating capital.
Sources
- Intergovernmental Panel on Climate Change (IPCC), Climate Change 2022: Mitigation of Climate Change, Chapter 7, Agriculture, Forestry and Other Land Uses, section 7.4.3.3 (Agroforestry).
- World Business Council for Sustainable Development (WBCSD), Nature-based Solutions Blueprint, 5 June 2024.
- Science Based Targets initiative (SBTi), Forest, Land and Agriculture Science-Based Target-Setting Guidance, version 1.2, March 2026, section 3.1.4, pp. 37–38.
- United Nations Environment Programme (UNEP), State of Finance for Nature 2023, 2023.

