Dubai – Erguvan, a climate and fintech venture that Emirates NBD recently invested in, launched a pilot programme to deploy its carbon management solution Azalt among regional small and midsize enterprises (SMEs).
The project was implemented with EKOS Electric, an SME client of DenizBank, a fully owned subsidiary of Emirates NBD Group, according to a press release.
Azalt helps in identifying greenhouse gas (GHG) emission hotspots and deploying data-driven emission reduction campaigns.
This partnership aligns with Emirates NBD and Erguvan’s green plans to reduce and offset the GHG emissions of SMEs across the region.
To be launched officially in early 2024, the software as a service (SaaS) product Azalt is developed to facilitate data collection and management efforts, enhance data reliability, and offset a company’s carbon footprint.
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “The introduction of Erguvan’s carbon management solution underscores the bank's commitments to being a catalyst for the green transition in the MENAT region.”
“Emirates NBD aims to bridge the digital gap and empower its customers in the region to embrace more sustainable practices, aligning with global environmental goals,” Bains indicated.
The official underlined: “By offering digital resources that facilitate ESG management, Emirates NBD seeks to aid its clients to reduce their environmental footprint, thereby contributing to the bank's broader climate goals and reinforcing its position as a responsible and forward-thinking financial institution.”
Last September, Emirates NBD announced a strategic equity investment in Erguvan to reinforce its sustainability strategy and green plans.
In the first nine months (9M) of 2023, the DFM-listed lender posted 92% higher net profits at AED 17.49 billion, compared to AED 9.09 billion in 9M-22.
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