Emirates NBD Joins Sustainability Group as First Gulf Bank

Emirates NBD has joined the Sustainable Markets Initiative's Financial Services Task Force, becoming the first Gulf Cooperation Council bank to participate in the climate-focused organisation.

The Dubai-based lender will work alongside chief executives from international banks to mobilise capital for climate solutions and natural capital investments. 

The task force operates under the SMI, which coordinates private sector sustainability efforts across multiple industries.

Regional expansion into Gulf markets

The Financial Services Task Force convenes chief executives from the international banking sector to strategically mobilise capital at scale. 

The group focuses on accelerating investment and scaling infrastructure while generating climate solutions and natural capital.

Emirates NBD operates as a banking group across the Middle East, North Africa and Turkey region. 

The bank's participation represents the task force's first expansion into Gulf markets, providing access to a region that plays a significant role in global energy markets.

Shayne Nelson, Group CEO at Emirates NBD, says sustainability principles guide the bank's strategic direction. 

“At Emirates NBD, sustainability is intrinsically woven into our culture, operations and strategy, underpinning our decision to join the Sustainable Markets Initiative,” Shayne says.

The bank's membership reflects its commitment to environmental, social and governance principles. 

Shayne describes the institution's track record of ESG milestones as evidence of its dedication to decarbonisation efforts.

Task force methodology and frameworks

Since its establishment, the Financial Services Task Force has produced foundational materials for the banking industry. 

The group has developed a standardised and transparent methodology for the banking sector's transition to sustainable practices.

The task force cultivates institutional expertise in nature-based financial solutions. 

Members work to establish common principles for achieving climate and nature goals across different markets and regulatory environments.

The SMI was launched in 2020 by King Charles III when he served as Prince of Wales. The initiative brings together private sector organisations from multiple industries and governments to develop collaborative solutions for sustainability challenges.

Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, says global cooperation remains essential for achieving transition goals. 

"Our world is deeply interconnected, which is why it is so critical that the global private sector comes together to support each other on transition," Jennifer says.

The initiative recognises the importance of aligning industry, financial and country efforts to accelerate transition at the required scale and pace. This coordination spans different geographic regions and economic sectors.

Stakeholder engagement approach

Emirates NBD commits to both national and international standards through its participation in the task force. The bank aims to create sustainable impact through an approach that involves multiple stakeholder groups.

The institution engages with employees, customers, investors, suppliers, authorities and the wider community in its sustainability efforts. 

This comprehensive stakeholder approach reflects the bank's integration of ESG considerations across its operations.

Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, says the bank's environmental strategy extends beyond risk management. 

“Our ESG strategy extends beyond climate-related risks, focusing on creating products and services that benefit both people and the planet,” Vijay says.

The bank develops products and services designed to benefit both social and environmental outcomes. 

Vijay describes this approach as involving innovative finance, governance frameworks and global initiatives within the institution's service offerings.

Climate and biodiversity focus

The task force addresses both climate and biodiversity challenges through coordinated action among member institutions. 

Banks participating in the initiative work to tackle environmental issues that span national boundaries and require international cooperation.

Shayne describes Emirates NBD's participation as advancing regional and collective efforts to address climate and biodiversity challenges. The bank positions itself at the forefront of driving change in sustainable finance practices.

The integration of innovative finance and governance frameworks supports the development of solutions for environmental challenges. 

Member banks share expertise and coordinate approaches to scaling sustainable finance across different markets.

"By integrating innovative finance, robust governance and impactful global initiatives within our services and offerings, Emirates NBD is paving the way for a more resilient, inclusive and low-carbon future," Vijay concludes.