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COP28 UAE: TOWARDS NET ZERO BY 2050
ADIB’S ESG transformation shows Islamic banking and ESG compatibility
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n a progressive move to embrace the principles of Environmental, Social, and Governance (ESG), ADIB has embarked on a comprehensive journey towards sustainability, firmly positioning itself as a leading Islamic bank committed to positive ESG performance. ADIB’s commitment to a sustainable future underscores its vision to align business activities with broader societal and environmental goals. Embracing sustainability as a core value, it strives to drive positive impact beyond financial returns. The bank envisions playing a crucial role in advancing the UAE’s sustainability agenda, leaving a legacy of responsible banking and stewardship. A people-centric organisational culture and dedication to governance excellence further exemplify ADIB’s pursuit of an inclusive, empowered, and diverse workforce to propel sustainable progress. Recognising the significance of ESG in the financial world, ADIB has taken strides in enhancing its ESG-related disclosures. ADIB’s annual ESG report, which has been published since 2017, is a testament to the bank’s dedication to keeping stakeholders informed about its sustainable practices. Realising that public disclosures alone are not enough; additional initiatives were taken to develop new policies that reflect commitment to ESG principles. These policies serve to inform the market and customers about the bank’s dedication to sustainability across its operations. The bank’s approach to sustainability is all-encompassing, touching upon various critical aspects, in-
cluding frameworks, integration of sustainability into business lines, strategy development, and governance enhancement. At the core of ADIB’s sustainability commitment lies its threeyear ESG strategy. The strategy intricately outlines the roles of all business lines in contributing to a positive ESG impact and aligns seamlessly with the UAE’s national goals and the United Nations Sustainable Development Goals (SDG). By integrating internationally recognised goals and standards such as the UN SDGs and the Global Reporting Initiative (GRI) into existing management systems, the bank allows for the enhancement of both Sharia-compliant banking and ESG performance. The three-year ESG strategy rests on six pillars shaping its sustainable future. These pillars include maximising positive impact, ensuring strong economic contributions,
fostering lifelong partnerships with communities and customers, striving for governance excellence, and maintaining a people-centric organisational culture. These pillars are guided by material topics crucial to ADIB and its stakeholders, including investors and clients. To embed ESG principles further, the bank is striving to integrate ESG considerations into its credit process. A rigorous internal due diligence will ensure that all relevant transactions adhere to internationally recognised standards, such as the Equator Principles.
Understanding that positive change begins with empowered customers, a concerted effort is taken to develop green and sustainable products to help clients contribute to developing their respective industries. Existing product offerings, such as SME financing, education finance, and personalised home financing, are tailored to emphasise positive social impact, demonstrating the bank’s commitment to making sustainability accessible to all. ADIB’s ambition to foster a more holistic approach to ESG and sustainability extends beyond its internal operations. The bank is focused on significantly increasing green and sustainable financing within its portfolio. With approximately $1.7 billion in related assets already, ADIB envisions substantial growth in this area by 2030. Notably, 61 per cent of the bank’s portfolio is considered at low/medium ESG risk, indicating a proactive approach to sustainable investments. Through diligent work in recent months, ADIB has successfully reduced its Sustainalytics risk rating from high risk to medium risk, aligning itself with the region’s leading banks. It also continues to receive an “A” rating from MSCI, a testament to the ADIB’s dedication to sustainability. In the rapidly evolving landscape of ESG, ADIB is striving to be a financial institution that not only embraces sustainability but actively leads the charge towards a greener, more equitable future. With its robust strategies, comprehensive policies, and customer-centric approach, ADIB demonstrates that Islamic banking and ESG can walk hand in hand.
Monday, September 11, 2023
Setting the standard for biodegradable packaging in the UAE Sustainability is at the core of Earthmates International LLC’s product and service portfolio
By Yoshwin Punjabi, Chairman, & Manoj Kumar, CEO, Earthmates International LLC
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elcome to Earthmates International LLC , where sustainability is at the core of everything we do. As the premier provider of biodegradable packaging solutions in the UAE, we are proud to lead the way in revolutionising packaging practices. With our environmentally-friendly alternatives, we invite you to join us in our vision of creating a greener future. Commitment to sustainability At Earthmates, we are driven by a deep commitment to preserving the beauty of our planet for future generations. Our biodegradable packaging solutions offer a responsible alternative to traditional materials. By choosing biodegradable options, we can collectively reduce waste, conserve resources, and minimise our carbon footprint. Unique biodegradable packaging solutions We have developed a diverse range of biodegradable packaging options that prioritize both functionality and sustainability. From bioplastics derived from plant-based sources to paper-based packaging made from recycled or sustainably sourced materials, our solutions are designed to meet the highest quality standards while minimizing harm to the environment. Join the movement We invite businesses,
organisations, and individuals throughout the UAE to join us in this important mission. By making the switch to biodegradable packaging, you not only contribute to a more sustainable future but also showcase your commitment to responsible practices and environmental stewardship. Together, we can be the face of the UAE for biodegradable packaging – leading the way by example. Partnering for change At Earthmates, we believe that collaboration is key to achieving lasting change. That is why we actively seek partnerships with like-minded suppliers, organizations, and individuals who share our vision. By working together, we can drive innovation, share best practices, and create a thriving ecosystem of sustainable packaging solutions. Conclusion At Earthmates, we are proud to be at the forefront of the biodegradable packaging revolution in the UAE. Our commitment to sustainability and innovation drives us to constantly seek new and improved ways to reduce our environmental impact. Join us as we strive to be the face of the UAE for biodegradable packaging, making a positive difference for our planet and future generations. If you have any questions or would like to explore our biodegradable packaging solutions, please reach out to us at https://earthmates.ae/ Together, let’s pave the way for a greener and more sustainable UAE.
