andScience-Based Targets Initiative It is an organization that helps companies set targets for reducing greenhouse gas emissions, in order to achieve positive climate action and contribute to global efforts to mitigate the effects of climate change; The local Al Mariah Bank improves its environmental, social and governance (ESG) practices.
The organization provides a framework for companies to set specific, measurable, time-bound and scientifically proven goals to ensure they are consistent with global efforts to reduce global greenhouse gas emissions.
The initiative aims to enable companies to achieve the goals of the Paris Agreement, which seeks to limit global warming to below 2 degrees Celsius above pre-industrial levels and continue efforts to limit temperature rise to 1.5 degrees Celsius.
In line with his commitment to the Science Based Targets Initiative (SBTi), he opened Al Mariah Local Bank Recently, we created an internal department for environmental, social and governance affairs, which will lead the bank’s overall strategy in this area. Some of the department’s functions include creating an ESG strategy and framework, enhancing its practices within the bank, establishing and driving sustainable financing across its client base, identifying, mitigating and monitoring ESG risks to overcome them and reduce the impact of their risks, among others.
To ensure that its overall carbon footprint is effectively reduced, Al Mariah Local Bank continues its ongoing endeavor to expand full digital capabilities across the organization. This endeavor includes developing and providing sustainable institutional lending products and services to customers digitally, striving to transition to a low-carbon economy, as well as providing local Al Mariah Bank employees with comprehensive training courses on environment, society and governance.
Thanks to its fully digital nature, Al Mariah Local Bank has contributed positively to the ecosystem by offering customers digital banking services and transactions without any paper documents, thus reducing the negative impact on the environment. These fully digital operations and the low percentage of physical visits to the branch have led to a lower carbon footprint for both individuals and companies.
In addition, Al Mariah Local Bank has begun rolling out internal practices and policies to improve employee well-being. Employees have been given the opportunity to work flexible hours, including Fridays; They have the option to work from home – which in turn leads to fewer cars on the road, and fewer carbon emissions. Furthermore, the management of Al Mariah Local Bank implements an “open door” policy for employees to ensure a transparent work culture, in addition to the strong corporate governance, information security practices, and financial crimes policies and practices that have been put in place.
Commenting on the signing of the commitment letter, Mohammed Waseem Khayat, CEO of the local Al Mariah Bank, said: “We are happy to sign with the Science Based Targets Initiative (SBTi), the famous global organization, because we are the first digital bank in the UAE to do so, with the aim of achieving… Net zero emissions by 2050! Through this commitment, we intend to take climate action that contributes to efforts to mitigate the effects of climate change.”
“Consequently, we are very proud to be working on a range of ESG-compliant corporate lending products that will further strengthen our mission and allow other companies to join us in this mission to save our community and our planet as a whole,” he added.
