Introduction
In a significant move towards sustainability, Emirates NBD, a leading banking group in the MENAT region, has joined the UAE Climate-Responsible Companies Pledge. As one of the 15 signatories in the UAE, Emirates NBD commits to reducing carbon emissions and adopting sustainable practices to align with the nation’s ambitious climate neutrality goal by 2050. The pledge signing took place at the 11th National Dialogue for Climate Ambition, in the presence of Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment. This step comes as Dubai prepares to host the COP28 meetings, coinciding with the UAE’s Year of Sustainability.
Emirates NBD’s Commitment to Climate Action
Emirates NBD’s dedication to sustainability is evident in its decision to join the UAE Climate-Responsible Companies Pledge. The bank pledges to actively combat climate change by measuring and transparently reporting its greenhouse gas emissions. By understanding its carbon footprint, the bank can develop science-based targets for emission reduction. Moreover, Emirates NBD will share its plans with the UAE government, contributing to the country’s efforts to achieve a net-zero future by 2050.
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, expressed gratitude for the opportunity to participate in the initiative. He emphasized that sustainability is ingrained in the bank’s culture, operations, and strategy, influencing all its key decisions. By joining the pledge, Emirates NBD solidifies its commitment to supporting the UAE’s decarbonization efforts and eagerly looks forward to collaborating with other private sector companies and government entities in the endeavor to mitigate climate change.
A Vision for a Greener Future
Emirates NBD’s commitment to sustainability extends beyond climate action. In June 2023, the bank joined the UAE Gender Balance Pledge, showcasing its dedication to gender equality and diversity. By working alongside the UAE Gender Balance Council, Emirates NBD aims to empower women and achieve UN Sustainable Development Goal 5 – gender equality and women’s empowerment. This move underscores the bank’s holistic approach to sustainability and its determination to contribute to all 17 UN SDGs.
Emirates NBD’s Sustainability Framework
Emirates NBD’s sustainability framework is the foundation for its various initiatives to combat climate change and promote social inclusivity. The framework comprises the following pillars:
1. Climate Action: The bank recognizes its role as a major player in the UAE’s financial sector and commits to minimizing its environmental impact. By embracing renewable energy, adopting cleaner practices, and reducing emissions, Emirates NBD aims to set a benchmark for sustainable banking.
2. Responsible Financing: As part of its sustainability commitment, Emirates NBD promotes responsible financing. The bank ensures its investments align with environmentally and socially responsible projects, contributing to positive change in the region and beyond.
3. Social Empowerment: Acknowledging its responsibility towards the community, Emirates NBD focuses on empowering vulnerable segments, including youth and women. By providing financial education, access to opportunities, and resources, the bank fosters economic growth and resilience.
4. Diversity and Inclusion: Emirates NBD’s dedication to diversity and inclusion extends beyond the workplace to the broader community. The bank actively supports initiatives that promote gender balance, equality, and social integration.
Future Collaborations and COP28
Emirates NBD is enthusiastic about forging innovative collaborations with other private sector companies and government entities. By leveraging collective strengths and expertise, the bank aims to drive impactful change and reinforce the UAE’s position as a global leader in sustainability.
As Dubai prepares to host the COP28 meetings, Emirates NBD seeks to take a leading role in shaping the dialogue around climate change. The bank’s involvement in the UAE Climate-Responsible Companies Pledge positions it as a key stakeholder in these critical conversations, enabling it to contribute valuable insights and strategies towards achieving a greener, more sustainable future.
Conclusion
Emirates NBD’s commitment to the UAE Climate-Responsible Companies Pledge and the UAE Gender Balance Pledge exemplifies its dedication to sustainability and social responsibility. By aligning with the UAE’s ambitious goals, the banking group solidifies its position as a leader in sustainable practices. As Dubai gears up to host COP28, Emirates NBD stands ready to play a pivotal role in accelerating the shift towards decarbonization and sustainability, setting a precedent for other organizations to follow. Through collaborative efforts and unwavering commitment, Emirates NBD paves the way for a more environmentally conscious and equitable future for the MENAT region and beyond.
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