MENAT banking group Emirates NBD has assumed the role of Co-Chair of the MENA Chapter of the Partnership for Carbon Accounting Financials (PCAF).
PCAF is an initiative led by the financial industry aimed at developing a harmonised global standard to measure and disclose the greenhouse gas emissions of loans and investments.
Vijay Bains, Group Chief Sustainability Officer and Head of ESG, will represent the bank as Co-Chair.
Emirates NBD said that its new role will facilitate greater collaboration between financial institutions that have already committed to PCAF, providing a centralised platform for cooperation in the MENA region.
“I am proud to represent Emirates NBD as the Co-Chair of the PCAF MENA Chapter. As one of the largest financial institutions in the MENAT region, we are always exploring diverse ways to enhance our commitment towards environmental stewardship,” commented Vijay Bains, Group Chief Sustainability Officer and Head of ESG at Emirates NBD.
“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,” added Bains.
The initiative has a membership of more than 500 financial institutions across six continents.
Emirates NBD joined the PCAF in 2023.
Earlier this year, the Banking on Climate Chaos report found that since the Paris Agreement in 2016, the world’s 60 largest private banks financed fossil fuels with USD $6.9 trillion.