Bank takes proactive steps to integrate biodiversity considerations into financial decisions  

With the partnership, Emirates NBD reinforced the bank’s leadership in sustainable finance  

Dubai, UAE: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has strengthened its commitment to safeguarding biodiversity by joining the Partnership for Biodiversity Accounting Financials (PBAF). The bank is the first regional Partner of the worldwide initiative that enables financial institutions with a standardized approach to assess and disclose impact and dependencies on biodiversity of loans and investments. Emirates NBD’s decision to join PBAF comes at a crucial time in the run up to the 2024 UN Biodiversity Conference COP16, held in Cali, Colombia.

Biodiversity is as critical as climate change and is linked to economies and livelihoods. Over half the world’s total gross domestic product, approximately USD 44 trillion, is dependent on nature and its services, according to the World Economic Forum.

Financial institutions are encouraged to play an active role in promoting corporate behaviour that safeguards, restores and protects biodiversity. Banks, asset managers and insurers can and must direct capital flows away from activities that have a detrimental impact on nature. By joining PBAF, Emirates NBD is taking a proactive step towards supporting global biodiversity goals, demonstrating the bank’s commitment to integrate biodiversity into financial decisions.

Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “Emirates NBD is proud to join the Partnership for Biodiversity Accounting Financials as its first regional Partner to explore critical linkages between finance and biodiversity. This collaboration underscores the bank's commitment to integrate biodiversity considerations into its financial decision-making processes, aligning with the priorities of the upcoming COP16 summit in Cali, Columbia.  As a socially responsible bank, we are always exploring diverse ways to enhance our commitment towards sustainable finance. As financial institutions worldwide are directing financial flows away from projects that have a negative impact on nature, it is imperative Emirates NBD leads in enabling transparency, responsible assessment, and disclosure of the impact of our financial decisions on biodiversity.”

Wijnand Broer, Program manager at PBAF, commented: “By joining the Partnership for Biodiversity Accounting Financials, Emirates NBD can share the bank’s experience with biodiversity impact and dependency assessment with global peers and contribute to the harmonization and mainstreaming of impact and dependency assessment approaches.”

Earlier in the year, Emirates NBD assumed the role of Co-Chair of the MENA Chapter of the Partnership for Carbon Accounting Financials (PCAF), advancing the bank’s sustainable journey. 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 is also the first bank in the UAE to adopt the Framework from the Taskforce on Nature-related Financial Disclosures.

Emirates NBD recently 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.

In 2023 the bank commemorated its 60th anniversary by planting the first 60 mangrove saplings of 60,000 at the Emirates NBD Mangrove Forest, located in Jebel Ali Wildlife Sanctuary.

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 30th June 2024, total assets were AED 931 billion, (equivalent to approx. USD 253 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 859 branches and 4,491 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com

Burson
Dubai, UAE
Tel: 971-4-4507600;
Email: emiratesnbd@bm.com