PayPal pledges to achieve net-zero greenhouse gas emissions by 2040

PayPal on Tuesday announced that they pledge to achieve net-zero greenhouse gas emissions by 2040, Bloomberg News reported. 

By 2023, the payment giant vows to use renewable energy sources to power its data centers and pledged that by 2025 that they will reduce operational greenhouse gases by 25 percent.

In an email to Bloomberg, PayPal’s chief technology officer Sri Shivananda said, “Our climate action goes beyond our science-based targets.”

“As we continue to develop more effective and efficient payment solutions, we have an opportunity to identify financial-inclusion solutions that build greater climate resilience and maximize outcomes for underserved communities hit hardest by climate-related extreme events.”

The pledges are a part of PayPal’s promise to meet the standards of the Paris Agreement, where they are committed to helping limit global warming to no more than 1.5 degrees Celsius. 

PayPal is joining other companies such as Amazon and Best Buy that vowed to achieve these pledges by 2040, in which investors and companies are finding ways to lower their use in climate change.