Emirates NBD awarded ‘Best Bank for ESG in the UAE’ at Euromoney Awards for Excellence 2023 reflecting its
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has been recognised as a leader in ESG initiatives among its UAE peers, by Euromoney Awards for Excellence 2023.
Emirates NBD was awarded ‘Best Bank for ESG in the UAE’ at the Euromoney Awards for Excellence 2023 in recognition of its strong growth in ESG metrics, swift introduction of green products, changes to its internal ESG structure and landmark sustainable deals.
As part of its long-term commitment to sustainability, Emirates NBD recently launched its Sustainable Finance Framework, which allows for the issuance of green and sustainable debt instruments to finance projects and enables the transition to a low carbon and climate resilient economy. Aligned with the framework, the bank was lauded for strong sustainable finance figures, reporting USD 12 billion provision in 2022, which pushed the sustainable financing portfolio above USD 40 billion. Landmark financing for corporate clients were key contributing factors to the award, including a USD 500 million green financing agreement and co-leading the first green sukuk in the UAE.
The bank was also commended for its significant reduction of greenhouse gas (GHG) emissions in its operations, registering internal emissions reduction per employee. The number of green car loans doubled, and bio cards issuance figures increased by 75%.
Shayne Nelson, Group CEO at Emirates NBD commented: “Winning this prestigious industry award is yet another proud moment for Emirates NBD, following our record financial performance over the first nine months of the year. It strengthens our position as industry leaders, defined by our commitment to innovation, financial excellence and above all, our customers and community. Looking forward, we are now very well positioned to continue enabling our customers’ efforts to be sustainable in their businesses and individual lifestyles. In doing so, we will also carry forward Emirates NBD’s proud legacy of supporting the UAE’’s remarkable growth and innovation story, just like we have over the last 60 years.”
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said: “At Emirates NBD we firmly believe that finance plays a key role in sustainability and we are pleased with the recognition we have received from Euromoney. It is a testament to our efforts in ensuring that Emirates NBD leads the way in sustainable finance in the UAE. By issuing sustainable finance instruments including bonds, sukuk and other debt instruments, we provide enhanced transparency around funded projects and assets that carry environmental and social benefits.”
Emirates NBD’s sustainability strategy is aligned with prominent global and national frameworks, including the United Nations Sustainable Development Goals (SDGs), the UAE’s Vision 2030, and the United Nations Environmental Programme Dubai Declaration for Sustainable Finance, which marks the Group’s commitment to transforming the UAE into a green, low-carbon economy in support of the UAE Centennial 2071’s sustainability agenda. Furthermore, Emirates NBD announced its partnership in the capacity of Principal Banking Partner for the 28th edition of the United Nations Climate Change Conference (COP28), being held in November this year in Dubai, UAE.