UAE-based digital bank Al Maryah Community Bank (Mbank) has signed a commitment letter with the Science Based Targets initiative (SBTi), it announced this week.
The SBTi—a collaboration between the CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature—is a global body that develops standards, tools and guidance for companies and financial institutions to set science-based targets to reduce their greenhouse gas emissions.
Mbank noted that, in line with its commitment, it recently launched an in-house ESG department responsible for the bank’s overall ESG strategy and is providing Mbank employees with comprehensive ESG training courses and material.
It is also undertaking other initiatives, including developing and offering sustainable corporate lending products and services to customers digitally.
“We are happy to have signed with SBTi, the well-renown global organization, as we are the first digital bank in the UAE to do so, with a target for net zero emissions by year 2050! Through this commitment, we intend to take meaningful climate action and contribute to efforts to mitigate the impacts of climate change,” said Mohammed Wassim Khayata, Chief Executive Officer at Mbank.
He added: “Accordingly, we are very proud to be working on a portfolio of ESG-Compliant Corporate Lending Products that will further reinforce our mission and allow other companies to join us in this mission to save our community and our planet as a whole.”