Financial institution Emirates NBD signs up for SMI Financial Services' climate objectives working group
In a significant move towards promoting sustainable development, Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has formed a new partnership with the Sustainable Markets Initiative (SMI).
Launched in 2020 by His Majesty King Charles III, then The Prince of Wales, the SMI is a collaboration between private sector organisations from various industries and governments. The initiative aims to collectively develop solutions and innovate to drive progress towards a sustainable future for Nature, People, and Planet.
The Financial Services Task Force, a body that convenes CEOs from the international banking sector to strategically mobilize capital at scale, is one of the sectors involved in SMI. The partnership sees Emirates NBD joining this Task Force, making it the first GCC member of the Financial Services Task Force.
Shayne Nelson, Group Chief Executive Officer at Emirates NBD, will represent the bank in the Task Force. Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, will also play a crucial role in the partnership.
Since its establishment, the Task Force has produced foundational materials for the industry, including a standardized and transparent methodology for the banking sector's transition towards sustainable practices. The Task Force has also cultivated institutional expertise in nature-based financial solutions.
The SMI's goal is to accelerate investment and scale infrastructure, generating climate solutions, and setting out common principles to achieve climate and Nature goals. Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, expressed her delight at Emirates NBD's partnership, stating it would contribute significantly to the initiative's mission.
It's important to note that SMI is not mentioned to have produced any foundational materials for the industry or to have cultivated institutional expertise in nature-based financial solutions in the provided context, apart from what has been stated about the Financial Services Task Force.
The partnership between Emirates NBD and SMI underscores the bank's commitment to sustainability and its ambition to play a pivotal role in driving the transition towards a sustainable future. The partnership is expected to bring about meaningful changes in the banking sector, contributing to a more sustainable and resilient future for all.
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