Dubai, UAE: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has joined the Partnership for Carbon Accounting Financials (PCAF), advancing the bank’s sustainable journey.
PCAF is an initiative led by the financial industry to develop a harmonised global standard to measure and disclose the greenhouse gas emissions of loans and investments. Measuring financed emissions is an important step in a financial institution’s journey towards decarbonisation.
More than 430 financial institutions across six continents have joined PCAF, enabling reporting of emissions on a comparable basis.
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “The financial industry has a significant role in promoting the decarbonisation of the economy. Joining the PCAF is a valuable step in Emirates NBD’s sustainability journey enabling responsible assessment and disclosure of the carbon footprint of our portfolios. As one of the largest financial institutions in the MENAT, we are keen on demonstrating carbon offsetting initiatives that align with the interests of our customers.”
The bank leads the region in offering carbon future contracts trading, fulfilling growing demand from corporations to manage their carbon emissions offsetting and align with the UAE’s Net Zero 2050 action plan. Emirates NBD’s carbon contract trading further aligns with the guidelines set by the European Union's Emission Trading System and the United Kingdom's Emission Trading Scheme, providing full transparency, credibility and accountability.
Emirates NBD recently established a Sustainable Finance Framework to be able to issue Sustainable Finance Instruments to finance and refinance projects which enable the transition to a low carbon and climate resilient economy, and/or provide positive societal impact and to mitigate social problems.
Further, all these initiatives have positioned the bank to win the award for ‘Best Bank for ESG in the UAE’ at the Euromoney Awards for Excellence 2023.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 20 million customers. As at 30th September 2023, total assets were AED 836 billion, (equivalent to approx. USD 228 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 853 branches and 4,213 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Senior Vice President
Head - Group Corporate Affairs
asda’a bcw; Dubai, UAE