Emirates NBD announces partnership with BeZero Carbon to boost customer confidence in carbon markets

2 Min | 19 August 2024

Emirates NBD first bank in the UAE to use an independent ratings agency for voluntary carbon market trading
Bank remains committed to providing best quality solutions for clients even in niche and developing markets

Dubai, UAE, 19 August 2024: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has announced a partnership with BeZero Carbon, a global carbon ratings agency, to conduct enhanced due diligence on the projects that it makes available to customers seeking to voluntarily offset residual emissions.

The partnership enriches Emirates NBD’s commitment to providing best quality solutions for clients even in niche and developing areas such as Voluntary Carbon Markets. The bank will have access to hundreds of comprehensive, independent and science-based risk assessments of carbon projects around the globe, building customer confidence and trust in the quality of investments.

Emirates NBD is a regional leader in carbon credits trading, fulfilling growing demand from corporations to manage their carbon emissions offsetting and align with the UAE’s Net Zero by 2050 strategic initiative. At a time when the integrity of offsetting actions and the quality of underlying projects is more important than ever, Emirates NBD has taken steps to ensure that its customers have the opportunity to identify and procure high-quality credits globally, leveraging their local partners’ expertise and resources.

Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “We are excited to partner with BeZero Carbon to strengthen our role in promoting de-carbonisation of the economy. At Emirates NBD we are at the forefront of driving significant change, both in propelling clients’ growth towards more environmentally friendly financial practices, and continuously improving our capabilities to the benefit of our customers. Assessing the various solutions offered in the market can be challenging due to a lack of transparency in the marketplace. Our new partnership enables customers to fulfill their sustainable investment objectives by ensuring that every solution offered has been vetted and verified.”

Tommy Ricketts, CEO and co-Founder of BeZero Carbon, said: “We are excited to announce this partnership with leading UAE bank, Emirates NBD, to highlight the value of carbon ratings as companies across the region look to enter carbon markets. The region has an appetite to invest in genuinely effective climate solutions, alongside realising emissions reductions as part of the UAE’s Net Zero by 2050 Strategic Initiative. Buyers looking to invest in high-quality carbon credits need the right tools to build trust and transparency - BeZero Carbon is proud to offer these to help businesses in the UAE drive climate action.”

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