Al Maryah Community Bank (Mbank) is known as a leader in the UAE’s digital banking landscape. This bank has made a groundbreaking move. It has become the first digital bank in the country to sign a commitment letter with the Science Based Targets Initiative (SBTi).
This important partnership aims to establish strong greenhouse gas emissions reduction targets. This agreement also aims to improve the bank’s Environmental, Social, and Governance (ESG) practices. Mbank has positioned itself as a pioneer in climate action within the financial sector.
The SBTi framework offers a systematic approach for organizations to set specific emissions reduction goals that are scientifically validated. This aligns with the global mission to meet the Paris Agreement’s targets of limiting global warming to well below 2°C and ideally to 1.5°C above pre-industrial levels.
Mbank’s commitment has sustainable banking practices that have a significant positive impact on the environment. In support of this initiative, Mbank has created an in-house ESG department focused on developing and executing its comprehensive ESG strategy.
This team will lead the establishment of the bank’s ESG framework, encourage sustainable practices, and promote sustainable financing among its customers. Additionally, the team will actively evaluate ESG risks and devise strategies to mitigate their potential effects.
To achieve its climate objectives, Mbank is prioritizing the enhancement of its digital capabilities across the organization. This strategy includes launching sustainable corporate lending products and services through digital platforms. These methods are effectively aiding the transition to a low-carbon economy.
Furthermore, the bank is dedicated to equipping its workforce with ESG training. It is nurturing a culture of sustainability that extends throughout all levels of the organization. Through its fully digital operations, Mbank is making a significant contribution to environmental sustainability.
