Dubai – To combat climate change and advance the UAE's sustainable future, Commercial Bank of Dubai (CBD) announces its commitment to carbon-neutral operations by 2030. Further, the commitment includes reducing greenhouse gas (GHG) emissions from CBD's own operations by 50% by 2030.
Dr. Bernd van Linder, Chief Executive Officer at Commercial Bank of Dubai, emphasized the bank's dedication to a sustainable future. "Commercial Bank of Dubai is taking proactive measures to tackle climate change head-on," stated Dr. van Linder. "Our commitment to carbon neutral operations by 2030 signifies our dedication to a sustainable future. As the bank that is backing the nation's ambition, we take pride in aligning our efforts with the UAE's net-zero 2050 goal and believe businesses play a vital role in addressing the climate crisis."
CBD’s GHG emissions baseline across both own operations and financed emissions is one of the UAE's most comprehensive, integrating materiality guidelines from prominent industry-standard organizations, including the GHG Protocol and the Partnership for Carbon Accounting Financials (PCAF).
Central to CBD's emission reduction strategy are emissions from the bank's facilities and transportation. CBD is also implementing initiatives to address emissions related to purchased goods and services, waste generated in operations, business travel, employee commuting, and upstream and downstream leased assets.
The bank has also embarked upon a transformation program to support its customers in lowering their carbon footprint by offering a range of sustainable finance solutions.
CBD recognizes the urgency of addressing climate change and will conduct regular assessments to ensure sufficient reductions are being delivered across its own operations emissions and financed emissions, in harmony with the UAE's 2050 net-zero commitment.
CBD's commitment extends beyond emissions reduction. In 2022, an Environmental, Social, and Governance ('ESG') strategy was developed. In 2023, the bank introduced its sustainable finance framework and successfully launched its inaugural USD 500 Million green bond.
About Commercial Bank of Dubai:
Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever-increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services.
For additional information, contact CBD’s PR and Media team at PRandMedia@cbd.ae