Utrecht, 23 October 2024: In response to growing momentum around sustainable finance in the Middle East and North Africa (MENA), the Partnership for Carbon Accounting Financials (PCAF) today announces the launch of the MENA region. The announcement marks an important milestone to enhancing the measurement and disclosure of financial institutions’ GHG emissions within one of the world's most dynamic economic regions. As the world shifts towards more sustainable alternatives to oil and gas, the region's financial institutions are in a particularly important position to support the transition.
PCAF MENA will be co-chaired by Emirates NBD and First Abu Dhabi Bank, two of the leading financial institutions in the region. Together with the PCAF Secretariat, the co-chairs will foster collaboration among the nine other Middle Eastern financial institutions that have already committed to PCAF, creating a harmonized and unified platform for regional cooperation and knowledge sharing.
The launch of the region will focus on adapting PCAF’s methodologies to the unique economic and environmental context of MENA. This will improve data quality and availability by ensuring alignment with emerging national and regional sustainable finance guidelines, such as those outlined in the UAE Sustainable Finance Framework and Saudi Arabia's Vision 2030.
“I am proud to be the Co-Chair of the PCAF MENA Chapter. As one of the largest financial institutions in the MENA region, we are always exploring diverse ways to enhance our commitment towards environmental stewardship, which makes the role of PCAF even more valuable. 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.”
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD
With the launch of this region, PCAF continues to expand, both in MENA and globally with over 530 financial institutions from around the world committed to upholding the Standard.
“The launch of the PCAF MENA region is an important milestone in the work of our industry-led initiative and is a testament to the leadership of the financial institutions in the region that are set to drive GHG emissions accounting and reporting across the financial sector. By bringing together the region's financial institutions under the PCAF framework, we are supporting and enabling transparent and robust GHG accounting practices that will drive more informed decision making in sustainable investment and innovation. PCAF MENA aligns with the region's growing commitment to sustainability, and we are excited to support it in driving climate action in finance.”
Angélica Afanador, Executive Director of PCAF
ENDS
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.
About the Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 530 financial institutions have subscribed to the PCAF initiative. PCAF signatories work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions associated with portfolios of loans, investments, provision of insurance, and other financial products and services. By doing so, PCAF signatories take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society.
