Financial Services Firm Visa Reaches 100% Renewable Electricity Goal

Visa has announced that it has met its goal to use 100% renewable electricity by 2020, furthering its commitment to lead sustainably across its operations

American financial services corporation, Visa has announced that it has met its goal to use 100 percent renewable electricity by 2020, furthering the company’s commitment to lead responsibly and sustainably across the company’s global operations, including 131 offices in 76 countries and four global processing centres.

Since setting the 100 percent renewable goal in 2018, Visa achieved quick action across its global facilities portfolio by advancing to a sustainable mix of renewable energy sources such as solar and wind.

“At Visa, we see both a responsibility and an opportunity to make broad shifts toward a sustainable and inclusive future,” said Al Kelly, chief executive officer of Visa Inc. “I’m proud of the investments we’ve made in our infrastructure to reach this important renewable energy milestone. We will continue to prioritise advancing the role of our business and industry in transitioning to a cleaner global economy.”

Working with local utilities and competitive electricity market providers, Visa leveraged renewable electricity options available in each market that best fit the country’s approach to renewable electricity. Visa made local renewable electricity investments in markets where the company has major facilities, including four locations in the US and the UK that account for 80 percent of its global electricity use. Specific actions by Visa included enrolments in renewable electricity programs offered by Total Energy in the U.K., Xcel Energy in Colorado, Austin Energy in Texas and Peninsula Clean Energy in the San Francisco Bay Area.

By purchasing 100 percent renewable electricity, Visa mitigates the greenhouse gas emissions from the electricity the company consumes (Scope 2 emissions), reducing its operational emissions from its facilities and data centres by almost 90 percent versus the company’s 2014 baseline.

“With the world’s growing focus on the global challenges of climate change, we recognise and understand the need to play a leadership role in helping build a more sustainable future,” said Douglas Sabo, vice president and head of corporate responsibility and sustainability at Visa Inc. “For Visa, this achievement shows how we are dedicated to being a force for good and leading the way in sustainable business practices.”