Emirates NBD Group signs UAE ClimateResponsible Companies Pledge supporting UAEs Net Zero 2050 Initiative

Emirates NBD Group signs UAE Climate-Responsible Companies Pledge supporting UAE’s Net Zero 2050 Initiative

2 Min | 31 July 2023
Emirates NBD Group signs UAE Climate-Responsible Companies Pledge supporting UAE’s Net Zero 2050 Initiative
  • Joins group of 15 companies that took the pledge at the 11th National Climate Ambition Dialogue by the UAE Ministry of Climate Change and Environment (MOCCAE)
  • Pledge further solidifies Group’s commitment to fight climate change and reduce its carbon footprint
  • Group to also support the Third Update of the Second Nationally Determined Contribution (NDC), aiming to slash carbon emissions by 40 per cent by 2030

Dubai, UAE, 31 July 2023: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has signed the UAE Climate-Responsible Companies Pledge initiated by the UAE Ministry of Climate Change and Environment.

As a part of its ongoing commitment to achieving net-zero goals, Emirates NBD Group is among the seventh cohort of 15 signatories in the UAE to sign the pledge and commit to implement carbon emission reduction goals and follow more sustainable methods in managing their operations, according to a timeline compatible with the UAE's national path to climate neutrality by 2050. The pledge was made in the presence of Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment at the launch of the 11th National Dialogue for Climate Ambition organised by the Ministry under the slogan 'Accelerating the Shift; Decarbonizing Ground Mobility' in collaboration with Emirates Driving Company.

The initiative coincides with the UAE’s Year of Sustainability as the Emirate of Dubai prepares to host the Conference of the Parties (COP28) meetings this year.

The pledge commitments include organisations stepping up their collective efforts to combat climate change by measuring and reporting their greenhouse gas (GHG) emissions in a transparent manner, developing ambitious science-based plans to reduce their carbon footprint, and sharing these plans with the UAE government to contribute to achieving the national net-zero target by 2050. Moreover, signatories pledge to factor in climate change mitigation and adaptation as core values and principles of their businesses and operational models, and adopt an all-inclusive approach that engages youth, women, and vulnerable segments of society in developing their net-zero plans.

Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “We are honoured to be a part of the UAE Climate-Responsible Companies Pledge and thank the UAE Ministry of Climate Change and Environment for the opportunity to support this initiative. As a leading local banking group, sustainability is embedded into our culture, operations and strategy and supports all strategic decision-making at the Group. The signing of the pledge further solidifies our commitment to supporting the UAE’s decarbonization efforts and is closely aligned with the Group’s sustainability framework.”

He added: “As the UAE prepares for COP28 this year, we look forward to innovative collaborations with other private sector companies and government entities in our effort to mitigate climate change.”

Aligned to its commitment to gender equality and diversity, the Group also joined the UAE Gender Balance Pledge to accelerate the achievement of the UN Sustainable Development Goal 5 (achieve gender equality and empower all women and girls) in June 2023. As a pledge member, the banking group shall work closely with the UAE Gender Balance Council to align with UAE’s vision to achieve the 17 UN SDGs specifically goal number 5 which aims at achieving gender equality and empowering women.

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