CBD signs the uae climate-responsible companies pledge with the MOCCAE

Commercial Bank of Dubai (CBD), one of the UAE’s leading national banks, is proud to announce its commitment to a sustainable future by signing the UAE Climate-Responsible Companies Pledge in collaboration with the Ministry of Climate Change and Environment (MOCCAE). This pledge is a pivotal initiative launched under the UAE Net Zero by 2050 Strategic Initiative, aimed at enhancing and increasing private sector engagement in the country’s drive towards decarbonization.

The signing ceremony took place at the 13th National Dialogue for Climate Ambition (NDCA) event in Dubai, hosted by the Ministry of Climate Change and Environment, in collaboration with Dubai Chambers. The initiative coincides with the UAE’s Year of Sustainability as the UAE prepares to host the Conference of the Parties (COP28) meetings this year.

The pledge commitments include organisations stepping up their collective efforts to combat climate change by measuring and reporting their greenhouse gas (GHG) emissions transparently, developing ambitious science-based plans to reduce their carbon footprint, and sharing these plans with the UAE government to contribute to achieving the national net-zero target by 2050.

Moreover, signatories pledge to factor in climate change mitigation and adaptation as core values and principles of their businesses and operational models.

Othman Bin Hendi, Chief Sustainability and Customer Officer at Commercial Bank of Dubai, stated, “Our commitment to signing the UAE Climate-Responsible Companies Pledge reflects our dedication to a sustainable future. This pledge is a vital part of the UAE’s drive towards decarbonization, guided by the UAE Net Zero by 2050 Strategic Initiative. CBD has been proactive in taking measures to combat climate change, and we have recently unveiled our roadmap to achieve carbon-neutral operations by 2030.

Bin Hendi added, “We are dedicated to measuring and transparently reporting our greenhouse gas (GHG) emissions, and we will share this data with the UAE government to contribute to achieving the national net-zero target by 2050.”

CBD is committed to supporting impactful and purpose-driven global environmental challenges. In 2022, the bank introduced its Environmental, Social, and Governance (ESG) strategy. In 2023, CBD launched its inaugural USD 500 Million green bond as part of their continued commitment to sustainability.