Al Maryah Community Bank is the first digital bank in the UAE to commit to reducing emissions in alignment with the Science Based Targets initiative (SBTi).
This organisation aids companies in setting greenhouse gas emissions reduction targets to foster meaningful climate action and enhance their Environmental, Social, and Governance (ESG) practices.
To effectively reduce its carbon footprint, Mbank is expanding its digital capabilities, including the development of sustainable corporate lending products and services, supporting the transition to a low-carbon economy, and providing comprehensive ESG training to its employees.
Commenting on the signing of the commitment letter, Mohammed Wassim Khayata, CEO at Mbank, said, “We are happy to have signed with SBTi, the well-renown global organisation, as we are the first digital bank in the UAE to do so, with a target for net zero emissions by year 2050. Through this commitment, we intend to take meaningful climate action and contribute to efforts to mitigate the impacts of climate change.”
SBTi provides a framework for companies to establish specific, measurable, and time-bound targets that are scientifically validated, ensuring alignment with global efforts to reduce greenhouse gas emissions. The initiative supports companies in meeting the goals of the Paris Agreement, which aims to keep global warming well below 2 degrees Celsius above pre-industrial levels, with efforts to limit the increase to 1.5 degrees Celsius.
