Mashreq has partnered with the Science Based Targets initiative (SBTi) by committing to the SBTi’s Corporate Net-Zero Standard, one of the world’s most highly regarded corporate standards for sustainability and Net-Zero credentials.
UAE-based Mashreq is one of the leading financial institutions in the Middle East and Africa (MENA) region. 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.
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.
“As part of our dedication to further our sustainability practices and commitments, we acknowledge the need for corporate decarbonization 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. By joining forces with SBTi, Mashreq is reinforcing its position at the forefront of industry sustainability best practices 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.”
Mr. Faisal Mohammed Al Shimmari, Head of ESG & Corporate Strategy at Mashreq, said that, “Mashreq is proud to announce its partnership with the Science Based Targets initiative (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 to ESG principles as well as the UAE’s 2023 Year of Sustainability vision and Net-Zero by 2050 objectives.”
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 practices, and support the UAE’s Net Zero objectives.