When we published last year’s Global Impact Report, the world was still in the early stages of the COVID-19 pandemic. While it was impossible then to fully understand the difficulty and scope of the challenges that lay ahead, it quickly became clear that the business community had a critical role to play in addressing the needs of employees, customers and communities.

At PayPal, we have consistently taken action to live our values and fulfill our mission. I am proud of the resilience and commitment of our employees and the measures we took as a company to support our stakeholders during this challenging and unprecedented time.

Among the many trends that have accelerated as a result of the pandemic, the shift to multi-stakeholder capitalism stands out as among the most significant. As you will see in the following pages, our 2020 Global Impact Report summarizes all the ways PayPal continued to lead through the pandemic and highlights our progress on several new and long-term Environmental, Social and Governance (ESG) initiatives. These include our work to: • Improve the financial wellness of our employees by offering equity grants, one-on-one financial coaching, wellness stipends to offset remote working costs for eligible employees during the pandemic, earned wage access (access to earned income before pay date) for U.S. employees and enhancements to retirement plans. These initiatives build on our earlier efforts, including raising wages, expanding and reducing costs of benefits and giving every employee an ownership stake in PayPal.

• Support the economic empowerment of small businesses as they navigated the extraordinary challenges of the pandemic. We are particularly proud of our work with the U.S. Small Business Administration to provide more than $2 billion in loans in 2020 through the Paycheck Protection Program to small businesses in need. We also moved quickly to offer flexibility to our merchants by waiving fees, deferring repayments, extending customer dispute timing and doubling cash back rewards for PayPal Business Debit Mastercard holders. And we accelerated our product innovation to help our merchant community meet the evolving needs of their customers through the rollout of QR codes in 28 markets and the expansion of our Global Pay Later solutions.

• Advance racial equity and social justice through our $535 million commitment to help address the economic underpinnings of racial injustice.

As detailed on page 18, we have already deployed more than $300 million of these funds through Empowerment Grants to Black-owned businesses; partnerships with, and donations to, local and national non-profit economic empowerment organizations; investments in Black and LatinX-led venture funds; investments in Black-led banks and an economic development fund; and increased support for PayPal’s Diversity, Inclusion, Equity and Belonging programming.

• Expand opportunities for people to give and for causes to raise mission-critical funds. We witnessed an incredible outpouring of generosity from our PayPal community during a year when it was needed more than ever before. Our platform enabled more than 50 million donors to contribute nearly $17 billion to more than one million organizations for important causes such as COVID recovery and disaster relief for the Australian bushfires. We have been so inspired by the kindness of the global PayPal community. Our employees volunteered more than 50,000 hours to support charities around the world, while we contributed over $30 million in donations, matching gifts, grants and in-kind donations to assist our communities.

• Take ambitious climate action through our new net-zero emissions goal by 2040 and science-based targets. We are already making progress toward these targets – in 2020, we matched 98% of the energy in our data centers with renewable generation.

In a year unlike any other, we have moved quickly to advance the various ESG efforts summarized in this report. We now have the opportunity – and responsibility – to build on this foundation and do even more in the months and years ahead. And we are more committed than ever to identify additional opportunities to accelerate our impact.

Prioritizing a Multi-Stakeholder Approach Consumers expect more from the businesses they support, and people want their employers to take a leading role in addressing the important environmental and social issues confronting the world today. Business leaders can no longer claim that profit and purpose are at odds with each other – the reality is that they are mutually reinforcing, and a multistakeholder approach is increasingly essential to scale innovation and impact.