PayPal’s 2018 Global Impact Report
At PayPal, we are focused on creating inclusive economic opportunities for as many people and as many businesses as possible. We strive to create a world where everyone has access to the tools, resources, and opportunities they need to improve their financial health and participate in the global economy. To fulfill our mission, we work to maximize the positive impact of our business and to be a responsible, transparent, and sustainable corporate citizen on behalf of all of our stakeholders. And, we take these commitments seriously.
Our current times require us to not only act responsibly, but to also demonstrate real, meaningful leadership and change on a global level. Our second annual Global Impact Report is another milestone on our ongoing journey to do just that. The contents of this report, along with our inaugural 2017 Global Impact Report, outline our strategy and progress on our Environmental, Social, and Governance priorities. It also provides insight into how we’re making a difference in the world by acting on our mission and values today and into the future.
2018: A YEAR OF PROGRESS
2018 was another important year of growth marked by both celebratory achievements and notable progress:
LIVING OUR VALUES: Everything we do at PayPal is rooted in our core values of Collaboration, Inclusion, Innovation, and Wellness. In 2018, our values inspired new activities like our Conscious Inclusion Training, additional mentorship and educational opportunities, the Employee Relief Fund, and expansion of our benefits program to support our employees both at work and at home. What’s more, we remain committed to creating an inclusive, diverse workforce. In addition to achieving gender pay equity for the third straight year and driving our total diversity1 to 54 percent at the director level, I am thrilled to say that as of early 2019, our Board of Directors is now 50 percent women and underrepresented ethnic minorities.
EMPOWERING SMALL BUSINESSES: We continued to focus on supporting and empowering small businesses and creating economic opportunities through our products and services such as PayPal Working Capital, PayPal Business Loan, and the recently launched Funds Now. Since inception, PayPal Working Capital has provided more than $7 billion in financing to more than 181,000 merchants to build and grow their businesses. Last year, we also launched our inaugural Small Business Month to focus on underserved small businesses across the U.S. and the digital tools to help them thrive.
MOBILIZING OUR PLATFORM FOR GOOD: Part of our social innovation strategy is to leverage the power of our platform to enable and encourage our customers to act as a force for good. In 2018, more than $9.6 billion was donated to worthy causes via the PayPal platform. On #GivingTuesday alone, more than $98 million was donated on our platform by more than 1 million customers across 180 markets – surpassing our previous records. We appreciate the enormous generosity of the PayPal community.
CONTINUING OUR JOURNEY
We’ve continued this leadership in 2019 by providing needed stop-gap financial relief to furloughed federal workers during the government shutdown, supporting the United Nation’s LGBTI standards for business, partnering with the World Economic Forum to explore the evolving needs in financial services given the future of work, and addressing climate change. We’re also investing in the professional and personal development of our people, including enhancing our global learning management system and embarking on a new approach to ongoing employee engagement.
MITIGATING OUR CLIMATE IMPACT: We recognize it’s our responsibility to manage our environmental impact and act on global climate change. In 2018, we took significant steps to advance our environmental sustainability. In 2019, we are continuing our efforts and have established a climate change mitigation strategy that sets a goal to achieve 100 percent renewable energy use in our data centers by 2023 and commits us to science-based, company-wide climate action. We must reduce our greenhouse gas emissions and support the development of renewable energy, and that’s what we intend to do.
I’m excited by our progress to date and inspired by the passion and commitment of PayPal’s employees. I believe we can continue to contribute in substantial and innovative ways to build a more inclusive and sustainable future. I invite you to learn more about our strategic approach to managing our global impact and encourage you to engage with us as we continue on this critical path forward.