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Visa Sustainability Report

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RATING

Score B - good

Positive

SECTOR

Financial Service Activities

Chief Sustainability Officer

Douglas Sabo

Contact Details:

LinkedIn

T: N/A

E-mail:  N/A

Stock Exchange and Ticker

NYSE – V

Website

Visa

Contact

T: +1 650 432 3200

E.mail: sustainability@visa.com

Listing

  • Global RepTrak 100 2022, Reputation Institute 
  • U.S. 500 2022, Brand Finance 
  • #15 Training Top 100 2022, Training Magazine
  • Global 2000 World’s Best Employers 2021, Forbes 
  • #14 Companies With Best Diversity and Inclusion numbers (Fortune, 2021)

Awards

  • Sustainalytics, 17.0, Low Risk
  • CDP, Climate Change – A
  • Dow Jones Sustainability North America Index 2021, S&P Global 
  • FTSE4Good Index 2021, FTSE Russell 
  • 2022 America’s Most JUST Companies 2022, JUST Capital 
  • World’s Most Ethical Companies 2022, Ethisphere 
  • Trendsetter 2021, CPA-Zicklin Index 
  • World’s Most Admired Companies 2022, Fortune 
  • World’s Most Valuable Global Brands 2021, Brandz 
  • Inclusion Index (Diversity Best Practices)
  • Gender-Equality Index (Bloomberg, 2022)
  • Best Places to Work for LGBTQ+ Equality — 100% Corporate Equality Index (Human Rights Campaign, 2022)
  • Black Equity Index Inaugural Member (Coqual, 2022)
  • 100% on the Disability Equality Index & Best Place to Work for People with Disabilities (Disability Equality Index, 2021)
  • Corporate Inclusion Index, 5-Star Rating for Employment and Governance (Hispanic Association on Corporate Responsibility, 2021)
  • Best Employers for Women (Forbes, 2021)

Revenue

$24.105B

Market Capitalisation

$424.11B

Employees

21,500

Content source

Visa Sustainability Report

Visa Sustainability Report

Evaluation of Visa

In many aspects Visa is leading in sustainability. Thanks to all the awards it has achieved, its approach towards employees and customers company’s conscious efforts are acknowledged. Even though the company could improve the reporting and set more goals, it is on track to meet its targets. Visa has been running on 100% renewable electricity and since 2020 it has started investing in carbon offsetting to reach its net-zero goal. Unfortunately, we could not find any information regarding sustainable materials use and/or circular economy integration and we would advise Visa to address these aspects. This is something Visa should definitely work on, if it was to achieve A rating. Other areas of minor improvements include supplier engagement and sustainability supervision, clearer SDG compliance and targets reporting. Overall rating of Visa is B. 

Sustainability Scorecard

Visa Company Activity

Visa Inc. is an American multinational financial services corporation headquartered in California, USA; facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers.

Visa Sustainability Activity - As per company declarations

Visa strives to be an industry leader in addressing the environmental, social and governance (ESG) topics most significant to its role as a payments technology company and to meet and exceed the expectations of its stakeholders of our ESG performance and transparency. To help ensure the digital economy is a safe and convenient place for businesses of all sizes to operate, Visa invests in the network security and the broader ecosystem, including an investment of over $9 billion in fraud protection over the past five years. Another area of focus is enhancing the talent experience for underrepresented groups. Building on Visa’s achievements in sustainable operations — 100% renewable electricity use and carbon neutral operations — the company continues to work toward a more sustainable economy.

Certificate & Labels, Standards and Frameworks

  • Science Based Target initiative (SBTi)
  • Task Force on ClimateRelated Financial Disclosures (TCFD)  
  • Global Reporting Initiative (GRI)
  • Apex GHG verification
  • At the end of 2021, approximately 75% of Visa’s owned or leased square footage achieved or was pending green building certification
  • ISO 14001
  • Second-Party Opinion Visa Inc. Green Bond Framework by Sustainalytics

Visa in the news: Press Reviews and Social Media

Visa and Mastercard Cut Ties With Pornhub’s Advertising Network

Visa and Mastercard suspend payments for ad purchases on Pornhub and MindGeek amid controversy

Visa and Mastercard to suspend service for TrafficJunky, the main advertising network used on Mindgeek sites, including Pornhub after allegations that the payment processor is culpable for harms done to minors on Pornhub.

Major credit card companies are making it easier to track gun sales

In favor of gun control, Visa Inc. plans to start separately categorizing sales at gun shops. Gun control advocates say it will help better track suspicious surges of gun sales that could be a prelude to a mass shooting.

As merchants complain of Visa’s high swipe fees, experts weigh in on the company’s role in the retail market

 Visa was accused that its success has come at the expense of merchants who rely on them to process payments. Some have even said the fees imposed by Visa are too high for businesses to survive. Swipe fees collected by Visa and Mastercard reached a staggering $67.6 billion in 2019. 

Highlights from Visa Sustainability Report

Achievements

  • Multiple equity awards
  • 100% renewable energy use
  • Carbon offsetting
  • Achievements in the social area

Weaknesses and Setbacks 

  • Does not address recycling and sustainable materials

Targets vs Progress Reported

Target Results reported
Digitally enable 50 million small and micro businesses (SBMs) by 2023 - Visa has helped to digitally enable 30.7 million SMBs worldwide so far
Visa Foundation launched the Equitable Access Initiative in 2020, a five-year, $200 million strategic commitment to support gender diverse and inclusive SMBs around the world - Visa Foundation will provide at least $60 million in grants and $140 million in impact investments to organizations at the forefront of economic justice and entrepreneurship
Increasing the number of employees from historically underrepresented groups at the vice president level and above in the U.S. by 50% by 20230 - Asian, Black, Hispanic and ‘Other’ ethnicities make up 41%
Increasing the number of historically underrepresented Visa employees in the U.S. by 50% by 2025 - Asian, Black, Hispanic and ‘Other’ ethnicities make up 63%
Net Zero emissions by 2040 - 46,100MTCO₂e carbon offsets in 2020 and 19,154MTCO₂e in 2021
Maintain carbon neutrality - 100% renewable electricity use

- Reduced GHG emissions by 93% since 2019

- Purchased 3 times more carbon offsets than it emittedin 2020, and almost 5 times more in 2021 (46,100MTCO₂e carbon offsets in 2020 and 19,154MTCO₂e in 2021)
Support positive climate action beyond operational footprint by leveraging products, services, network and other resources - No data reported
Obtain the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED), BREEAM, Green Mark or equivalent certifications for the design, construction and build-out of our office facilities - At the end of 2021, approximately 75% of Visa’s owned or leased square footage achieved or was pending green building certification

UN SDGs Compliance Analysis

Progress made toward SDG targets
As reported by Visa

SDG 3 for Gucci
  • Launched the Be Well Ambassador program where employees are empowered and equipped to support their colleagues by leading workshops, providing announcements and sharing wellbeing resources
  • Hosted safe spaces sessions for employees facing societal challenges, including Asian American and Pacific Islander, Latinx and Black and African American employees, to decompress and find respite with the support of a facilitator or licensed mental health provider
  • Provided people leader coaching sessions for senior leaders to offer their advice to people leaders and facilitate conversations with experts on topics including digital wellbeing, mental health and work and beyond
  • Tailored Visa talent planning through a cross-functional partnership between the Director of Wellbeing and Visa talent teams to build psychological safety and empathetic leadership into our midyear and annual review processes
  • Scaled Mental Health and Wellbeing for Peak Performance course in Visa University to be offered in Central and Eastern Europe, Middle East and Africa and Asia Pacific regions
  • Practical Money Skills programs have now been offered in 48 countries and 19 languages and reached more than 3.2 million individuals during 202
SDG 5 Gender Equality
  • In 2021, we launched the She’s Next Grant Program in the U.S., Canada, Ireland and India, providing 85+ grants totaling approximately $950,000
  • A pulse survey from the summer of 2021 noted that 76% of employees feel that Visa is recognizing the people who are doing good work
SDG 10 Reduced Inequalities
  • Expanded new talent experience programs to develop and advance Black and African American talent and other historically underrepresented groups, including partnering with the McKinsey Leadership Academy for Senior Director+ talent and our own cluster coaching program for employees up to the Senior Director level
  • Launched Visa Black SUCCEED (Supporting Underrepresented Coaching Clusters Engaged in Executive Development) Program, an in-house program open to all Black and African American employees at the senior director level and below
  • Announced the inaugural class of 50 Visa Black Scholars and Jobs Program participants
  • Introduced Leading and Belonging at Visa, a new learning experience for leaders, created in partnership with the Perception Institute
  • At Visa, men and women earn the same pay for the same work globally, and the same is true for historically underrepresented employees and their white peers in the U.S.
SDG 11
  • In 2021, Visa Inc. contributed approximately $21.5 million to charities around the globe, while Visa Foundation funded approximately $25.9 million in grants
  • Visa engages suppliers through incorporating environmental sustainability expectations in the Visa Supplier Code of Conduct, which suppliers receive during the onboarding process, and Visa’s participation in the Carbon Disclosure Project (CDP) Supply Chain program
SDG 13 Climate Action
  • Globally, the  power usage effectiveness (PUE) in data centers has improved by 17% over the past four years
  • In 2020 Visa issued a $500 million green bond
  • In 2021, 46% of Visa’s total water usage came from reclaimed water
  • Visa has been decreasing its water since 2019
SDG 15 Life on Land
  • In 2021, Visa achieved a landfill diversion rate of 43%
SDG 17 - Partnership

Key memberships include:

  • Business for Social Responsibility
  • Business Roundtable
  • Catalyst
  • Centre for Sport and Human Rights
  • Chief Executives for Corporate Purpose (CECP)
  • Corporate Eco Forum
  • RE100
  • Renewable Energy Buyers Alliance (REBA)
  • Sustainable Brands, Brands for Good
  • Travalyst
  • World Economic Forum
  • partnered with the Pride ERG to develop the LGBTQ+ Benefits Toolkit, a high-level overview of the benefits available to Visa employees in the U.S. that may be of particular interest to members of the LGBTQ+ community
  • partnership with Daylight, the first digital bank to address the unique financial needs of the LGBTQ+ community

Sustainability Certificates, Awards and Listings

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