MBank Becomes First Digital Bank In UAE To Sign Commitment Letter With SBTi For Climate Change Mitigation

Al Maryah Community Bank (Mbank) has become the first digital bank in the UAE to commit to the Science Based Targets initiative (SBTi). This organisation aids companies in setting targets for reducing greenhouse gas emissions, aligning with global climate action efforts. Mbank's commitment is part of its strategy to enhance its Environment, Social, and Governance (ESG) practices.

SBTi provides a framework for businesses to establish specific, measurable, and time-bound targets. These targets are scientifically validated to ensure they align with global efforts to cut greenhouse gas emissions. The initiative supports companies in meeting the Paris Agreement's goals, which aim to limit global warming to below 2 degrees Celsius above pre-industrial levels.

Mbank is actively working to reduce its carbon footprint by expanding its digital capabilities throughout the organisation. This includes developing sustainable corporate lending products and services available digitally. The bank also aims to transition towards a low-carbon economy while providing comprehensive ESG training for its employees.

The bank's CEO, Mohammed Wassim Khayata, expressed satisfaction with signing the commitment letter with SBTi. He stated, "We are happy to have signed with SBTi, the well-renown global organisation, as we are the first digital bank in the UAE to do so, with a target for net zero emissions by year 2050."

This commitment signifies Mbank's intention to take meaningful climate action and contribute significantly to mitigating climate change impacts. By integrating these sustainable practices into their operations, Mbank aims to support global environmental goals effectively.

Through these initiatives, Mbank is positioning itself as a leader in digital banking sustainability within the UAE. Their efforts reflect a broader trend among financial institutions seeking to align business practices with environmental responsibility.

With inputs from WAM