Emirates NBD has become an inaugural GCC member of Sustainable Markets Initiative task force focussed on scaling nature-positive banking solutions
Emirates NBD has joined the Sustainable Markets Initiative’s (SMI) Financial Services Task Force, becoming the first Gulf Cooperation Council bank to participate in the climate-focused organisation.
Through this alliance, the Dubai-headquartered financial powerhouse will engage alongside international bank leaders to channel financial resources towards climate-responsive solutions and investments in natural capital.
The task force operates under the SMI, which coordinates private sector sustainability efforts across multiple industries.
“At Emirates NBD, sustainability is intrinsically woven into our culture, operations and strategy, underpinning our decision to join the Sustainable Markets Initiative”
Vijay Bains, Chief Sustainability Officer and Group Head of ESG, Emirates NBD
Regional expansion into Gulf markets
The Financial Services Task Force assembles top-tier banking executives to strategically channel capital towards large-scale sustainability initiatives.
This collective focuses on catalysing investments and expanding infrastructure while crafting solutions that address climate change and bolster natural capital.
Emirates NBD operates as a banking group across the Middle East, North Africa and Turkey region.
The bank’s participation represents the task force’s first expansion into Gulf markets, providing access to a region that plays a significant role in global energy markets.
Shayne Nelson, Group CEO at Emirates NBD, says: “At Emirates NBD, sustainability is intrinsically woven into our culture, operations and strategy, underpinning our decision to join the Sustainable Markets Initiative.”
Shayne describes the institution’s track record of ESG milestones as evidence of its dedication to decarbonisation efforts.
Task force methodology and frameworks
Since its formation, the Financial Services Task Force has laid down the groundwork for transitioning the banking industry toward sustainable methodologies.
The group has created transparent and standard approaches for the banking sector’s evolution towards green financial practices.
Fostering institutional expertise in nature-centred financial solutions, task force members collaborate to establish universal principles that adhere to climate and nature objectives across diverse markets and regulatory landscapes.
The SMI was launched in 2020 by King Charles III when he served as Prince of Wales and unites private sector bodies worldwide to collaboratively innovate solutions addressing sustainability challenges.
Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, says: “Our world is deeply interconnected, which is why it is so critical that the global private sector comes together to support each other on transition.”
Stakeholder engagement approach
Emirates NBD aligns with both national and global benchmarks through its task force involvement, aspiring to create impactful sustainability outcomes through an all-inclusive stakeholder engagement strategy.
The bank collaborates with employees, clients, investors, suppliers, governmental bodies and the general community in efforts focussed on sustainability.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, says: “Our ESG strategy extends beyond climate-related risks, focusing on creating products and services that benefit both people and the planet.”
Climate and biodiversity focus
The task force concentrates on mitigating climate and biodiversity issues through synchronized actions among its member institutions.
Banks partaking in this initiative work collaboratively on environmental challenges spanning beyond national divides and requiring transnational cooperation.
Shayne views Emirates NBD’s engagement as an advancement of both regional and shared efforts to address climate and biodiversity concerns, positioning the bank as a leader in enhancing sustainable finance practices.
“By integrating innovative finance, robust governance and impactful global initiatives within our services and offerings, Emirates NBD is paving the way for a more resilient, inclusive and low-carbon future,” Vijay says.
Source: https://sustainabilitymag.com/
