The global payment giant Mastercard has launched one “Innovation lab for sustainability” to improve its work with economic inclusion, 5G technology and advanced artificial intelligence to solve environmental challenges.

The lab, based in Stockholm, will consist of a research and development center with a focus on solutions for sustainable consumption and value chains, the company says in a statement.

The new initiative also offers one “Lab as a service” platform, which aims to enable collaborations between Mastercard’s partners and their customers to create sustainable “Solutions with common value”.

The lab is part of Mastercard’s broader plans to expand its portfolio of environmentally conscious digital products and solutions.

The company said that it chose the Swedish capital as a base due to the country’s strong consumer, political and business commitment to transition to a green economy. Swedish asset managers and asset owners are among some of the leading responsible investors in the world.

Kristina Kloberdanz, head of sustainability at Mastercard, said: “Promoting innovative solutions with practical applications is urgently needed to achieve global climate change goals.

“As we continue to build a more sustainable digital economy, the Sustainability Innovation Lab will enable us to create a robust portfolio of environmentally friendly solutions that unite all-businesses and consumers-in-climate action.”

Mastercard recently collaborated with Swedish fintech Doconomy to create one ‘carbon calculator’. The company also strives to support climate-focused fintech innovation through a card and payment challenge and a start-up program.

Financial companies have intensified their efforts for climate change and sustainability in recent months. At the end of August, PNC Financial Services announced a $ 20 billion commitment for environmental financing, while earlier that month the insurance group Northwestern Mutual launched a $ 100 million investment fund.