Emirates NBD drives forward sustainability as Co-Chair of PCAF MENA Chapter

2 Min | 04 September 2024

Dubai, UAE, 4 September 2024: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has assumed the role of Co-Chair of the MENA Chapter of the Partnership for Carbon Accounting Financials (PCAF), advancing the bank’s sustainable journey. Vijay Bains, Group Chief Sustainability Officer and Head of ESG will represent the bank as Co-Chair.

PCAF is an initiative led by the financial industry to develop a harmonised global standard to measure and disclose the greenhouse gas emissions of loans and investments. More than 500 financial institutions across six continents have joined PCAF, enabling reporting of emissions on a comparable basis. As Co-Chair, Emirates NBD will facilitate greater collaboration between financial institutions that have already committed to PCAF, providing a centralised platform for cooperation in the MENA region.

Measuring financed emissions is an important step in a financial institution’s journey towards decarbonisation and as a regional banking champion, Emirates NBD drives significant change in channelling transparency towards financial practices that are environmentally friendly and continuously improving the bank’s capabilities to the benefit of customers.

Vijay Bains, Group Chief Sustainability Officer and Head of ESG at Emirates NBD, said: “I am proud to represent Emirates NBD as the Co-Chair of the PCAF MENA Chapter. As one of the largest financial institutions in the MENAT region, we are always exploring diverse ways to enhance our commitment towards environmental stewardship. As investors and stakeholders increasingly demand greater transparency and accountability from the financial industry associated with their financial activity, Emirates NBD has a significant role in enabling responsible assessment and disclosure of the carbon footprint of our portfolios.”

The bank leads the region in offering carbon future contracts trading, fulfilling growing demand from corporations to manage their carbon emissions offsetting and align with the UAE’s Net Zero 2050 action plan. Emirates NBD’s carbon contract trading further aligns with the guidelines set by the European Union's Emission Trading System and the United Kingdom's Emission Trading Scheme, providing full transparency, credibility and accountability.

After joining the PCAF, Emirates NBD partnered with global carbon ratings agency BeZero Carbon, to conduct enhanced due diligence on the projects that it selects and provides for its customers investing in voluntary carbon markets. The bank now has access to hundreds of global, comprehensive, science-based risk assessments of carbon projects, building customer confidence and trust in the quality of investments.

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