ABU DHABI - Al Maryah Community Bank (Mbank) is the first digital bank in the UAE to have signed a commitment letter with the Science Based Targets initiative (SBTi).

SBTi is an organisation that helps companies set greenhouse gas emissions reduction targets to bring meaningful climate action and contribute to global efforts to mitigate the impacts of climate change; improving its Environment, Social, and Governance (ESG) practices.

The organisation also provides a framework for companies to set specific, measurable, and time-bound targets that are scientifically validated to ensure they are in line with the global effort to reduce their greenhouse gas (GHS) emissions.

The initiative aims to enable companies to meet the goals of the Paris Agreement, which seeks to limit global warming to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius.

To actively ensure that the overall carbon footprint is reduced, Mbank continues its ongoing pursuit to fully extend digital capabilities across the organisation. This includes developing and offering sustainable corporate lending products and services to customers digitally, looking to transition to a low carbon economy, and equipping Mbank employees with comprehensive ESG training courses and material.

Commenting on the signing of the commitment letter, Mohammed Wassim Khayata, Chief Executive Officer at Mbank, said, “We are happy to have signed with SBTi, the well-renown global organisation, as we are the first digital bank in the UAE to do so, with a target for net zero emissions by year 2050. Through this commitment, we intend to take meaningful climate action and contribute to efforts to mitigate the impacts of climate change.”