UAE
Announcement

26/09/2023

Mashreq commits to Net-Zero corporate standard by partnering with the Science-Based Targets Initiative

In Short
  • Mashreq partners with the Science Based Targets initiative (SBTi) to set ambitious science-based Net-Zero targets and achieve Net-Zero by 2050.
  • By joining forces with SBTi, Mashreq reaffirms its continued efforts to address climate change, advance its sustainability journey, and promote a sustainable future in alignment with the UAE’s 2023 Year of Sustainability vision and Net-Zero by 2050.
Dubai, UAE: Mashreq, one of the leading financial institutions in the Middle East and Africa (MENA) region, has partnered with the Science Based Targets initiative (SBTi) by committing to its Corporate Net-Zero Standard, one of the world’s most highly regarded corporate standards for sustainability and Net-Zero credentials. The Net-Zero Standard will give Mashreq a clear blueprint on how to bring its Net-Zero plans in line with climate science-based evidence and provide guidance and tools for Mashreq to set science-based Net-Zero carbon targets. By committing to the SBTi’s Net-Zero Standard, Mashreq is taking the first step in a 5-phase process that will see the bank collaborate closely with SBTi to define and develop its Net-Zero targets, and that will conclude with the bank disclosing the company’s emissions annually to monitor and showcase progress on reaching its targets. This collaboration will enable Mashreq to align its long-term goals with the latest climate science, ensuring a robust and credible roadmap towards carbon neutrality. With only one other bank in the region having made a commitment to this standard currently, Mashreq is taking a leading role and setting a valuable example for the finance industry in the UAE and the wider MENA region to firmly embrace science-based emissions reduction targets that are consistent with the Paris Agreement aims, particularly ahead of COP28 taking place in Dubai in November 2023. Commenting on the announcement, Ahmed Abdelaal, Group Chief Executive Officer of Mashreq, said: "As part of our dedication to further our sustainability practices and commitments, we acknowledge the need for corporate decarbonisation standards in tackling climate change. We are firmly committed to contributing to the advancement of Net-Zero efforts and uptake across the region and believe that our partnership with SBTi is a meaningful milestone in our sustainability agenda as it broadens our approach to environmental responsibility through science-based targets.” He added, “By joining forces with SBTi, Mashreq is reinforcing its position at the forefront of industry sustainability best practice and its commitment to achieving a Net-Zero future. We would like to encourage other banks and industry colleagues to join our efforts to ensure that we can collectively advance the UAE’s 2023 Year of Sustainability vision and move the needle towards Net Zero by 2050.” Faisal Mohammed Al Shimmari, Head of ESG & Corporate Strategy at Mashreq, added: "Mashreq is proud to announce its partnership with the SBTi, which is part of our strong dedication to advancing our sustainability practices and environmental responsibility. By aligning with SBTi's Corporate Net-Zero Standard, Mashreq reflects its institutional commitment and collaboration toward addressing climate change and promoting a sustainable future in line with our commitment with ESG principles as well as the UAE's 2023 Year of Sustainability vision and Net-Zero by 2050 objectives.” He added, "We recognize that achieving a more sustainable future requires substantial investment in Net-Zero plans, and as such our commitment lies in acquiring the necessary guidance and tools from SBTi to establish science-based Net-Zero carbon targets." As part of its comprehensive approach to sustainability and Net-Zero, Mashreq recently joined the World Green Building Council’s (WorldGBC) Advancing Net Zero Readiness Framework as a Collaborator in the MENA region to collaborate with and engage key stakeholders, showcase industry best practice, and support the UAE’s Net Zero objectives. Additionally, Mashreq’s Global Headquarter (HQ) became the first financial headquarter in the MENA region to achieve the LEED Zero Energy certification and LEED Gold certification by the U.S. Green Building Council last year.
UAE
Announcement

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