Mashreq, one of the leading financial institutions in the Middle East and Africa (MENA) region, has joined the World Green Building Council’s (WorldGBC) Advancing Net Zero Readiness Framework as a Collaborator in the MENA region.
The initiative aims to build a community of Net Zero Collaborators to increase confidence and speed up the investment for a Net Zero built environment in the region.
With this collaboration, Mashreq will be able to showcase industry best practice as well as further its own commitment to Net Zero and accelerate the WorldGBC’s MENA Advancing Net Zero programme by engaging with key stakeholders, contributing to various initiatives to support the uptake of Net Zero across the region, and contributing towards the Net Zero positioning of the MENA Regional Network in the run up to the 2023 United Nations Climate Change Conference (COP28) in November this year.
Currently home to over 480 million people, the MENA region’s population growth has been strongly characterised by rapid urbanisation and is projected to double its urban population between 2010 and 2050. With the resulting increasing demand for buildings MENA is set to be critical for the growth of green buildings globally over the next few years. In this context, collaboration between public and private sector entities becomes paramount for nations in MENA to remain on track to achieve the Net Zero global and regional goals.
Commenting on Mashreq’s status as Collaborator for the WorldGBC’s Net Zero Readiness Framework for MENA, Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, said: “Today, we are proud to announce that Mashreq has joined the WorldGBC’s Net Zero Readiness Framework for MENA as a Net Zero Collaborator, another milestone in our commitment to a more sustainable world and in alignment with the UAE’s Net Zero vision. As the UAE gets ready to host COP28 later this year, this program puts Mashreq at the forefront of shaping, contributing, and supporting the MENA region’s strategic direction towards Net Zero at a crucial time for the nation’s climate efforts. As a regional bank with global presence, this strategic collaboration is yet another step in the right direction that allows us to Rise Every Day as the region rises to the challenges of ESG, climate action, and Net Zero.”
The partnership with WorldGBC comes as part of Mashreq’s wider commitment to tackling climate change and supporting sustainable finance as a fundamental enabler of the transition to a more sustainable world. In 2022, the bank also joined the United Nations Global Compact initiative to further push its efforts to embed strong ESG practices across the organisation, and developed an overall ESG strategy and Sustainability framework that is being deployed across the Mashreq network, including Egypt.