SumUp announces new global ESG initiatives to support sustainability efforts
12 April 2023, London: Global financial technology company SumUp continues its industry-leading sustainability agenda, today announcing a range of initiatives addressing societal and environmental issues. SumUp is mobilising its global presence for the good of our planet, building on its 2022 1% for the Planet commitment.
With the OECD warning that the 'average global temperature could rise by 3-6 degrees Celsius by 2100 without urgent action' and that emissions 'would need to peak before 2030 to give us a fighting chance of achieving this [net zero]', SumUp is stepping up its efforts to support positive change.
In March this year, United Nations Secretary-General António Guterres said: "We have never been better equipped to solve the climate challenge – but we must move into warp speed climate action now" and per the latest IPCC report, 'adverse impacts from human-caused climate change will continue to intensify'. As of now, there is 419 PPM of CO₂ in the atmosphere (per NASA) and we must reduce this to a safe level of 350 PPM to avoid climate catastrophe.
The SumUp ESG framework is based on: Environment, Education and Entrepreneurship. Within the Environment pillar, SumUp has pledged to donate 1% of net revenue generated by Solo devices to NGOs within the "1% for the Planet" movement. In 2022 SumUp was the first major fintech company to sign up to the 1% for the Planet pledge.
Today’s announcement is a continuation of that work as SumUp looks to contribute to all aspects of ESG, looking at environmental matters as well as societal. SumUp is proud to announce several initiatives:
In partnership with River Cleanup (www.river-cleanup.org), removing 100,000kg of plastic from the Citarum river in Indonesia, the most polluted river in the world. In addition to the initial removal, SumUp will also conduct education campaigns to raise environmental awareness among local communities
With Wilderness International (https://en.wilderness-international.org), protecting 100,000m2 of Forest in Peru for generations to come, preserving valuable habitats and biodiversity and offsetting 6,000 tCO2
Through StoveTeam International (www.stoveteam.org), SumUp will be supporting 1,000 families in Central America with safe, fuel-efficient cookstoves. These stoves reduce the risk of lung diseases and save 12t CO2 per stove by burning wood more efficiently
SumUp is also committed to promoting education and opportunity. The company is offering 3-month Java Full Stack development courses to over 120 students across Chile, Brazil and Colombia, providing tech education to women and girls, migrants, LGBTQ+, and other underprivileged and vulnerable persons. Over 80% of last year’s graduates have found employment post-course. In addition, SumUp works with Dharma Life (https://dharmalife.in) to provide a technology platform which supports education for children living in rural India, and SumUp pays the salaries of teachers, as well as providing computers and air conditioning for schools in the Brazilian favelas (MonteAzul and HorizonteAzul).
Commenting, SumUp Global Head of Diversity & Inclusion and ESG Felizitas Lichtenberg said:
“As a world-leading technology company, we’re committed to having a positive impact on the world and empowering people. And with our ESG initiatives, we want to create value throughout society and for the planet. We believe that investing in critical global issues and addressing them at source, like education for unemployed and minoritised groups, or protecting our planet, is not only the right thing to do but also a responsibility of everyone and will shape our shared future. We are committed to driving this agenda further to accelerate change and help create a sustainable future.”