- Plants trees as part of Private Banking welcome journey, furthering its commitment to sustainable development
- Continues to align itself with the UAE’s ambition to preserve biodiversity and achieve net zero emissions
- Blockchain enabled app EcoMatcher enables Private Banking clients to track progress of their assigned trees
Dubai, UAE, 18 October 2022: Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region, will be planting 3,000 trees surrounding Jubail Mangrove Park in Abu Dhabi, as part of its Private Banking welcome journey. The initiative follows an agreement with Jubail Island, a haven of exclusive living, sprawled across 4,000 hectares of mangrove forests and coastal estuaries in Abu Dhabi, UAE.
As part of its ongoing commitment to the environmental, social and corporate governance (ESG) agenda, Emirates NBD will welcome newly on-boarded clients to join them in the next chapter of their sustainable development journey by gifting them trees from within their own Private Banking Forest at the Abu Dhabi-based sanctuary. The initiative follows the success of Emirates NBD Private Banking’s ‘Keep the Creek Clean’ water conservation efforts.
As a regional sustainability champion, Emirates NBD continues to take active strides towards growing its ESG performance, in line with the United Nations’ Sustainable Development Goals (SDGs) and the UAE’s vision to be a sustainable, knowledge-based economy.
On the back of the Conference of the Parties, COP26, the UAE stepped up its ambition to expand its mangrove cover by promising to plant 100 million mangroves by 2030. With the UAE aiming to achieve net-zero emissions by 2050 and COP28 taking place in the UAE next year, the banking group is aligning itself with the UAE’s dedication to biodiversity.
As a major contribution to the region’s biodiversity, mangrove forests can withstand difficult soil conditions, and can extract carbon dioxide from the atmosphere at a faster pace than other trees, which helps to offset the effects of climate change.
The tree planting will take place in partnership with the Storey Group, and Private Banking clients will be able to track their trees through EcoMatcher, a certified B corporation that plants trees with vetted global foundations and non-government organisations specialising in planting trees. The blockchain-enabled EcoMatcher app allows users to track the growth of individual trees using indicators such as geolocation and carbon sequestration, as well as information about the farmer who is caring for them.
Commenting on the MoU, Saod Mohammed Obaidalla, Executive Vice President and Head of Private Banking, at Emirates NBD said, “As a socially responsible bank, we are firmly committed to our ESG programmes and furthering sustainable development goals. We find it crucial to align ourselves with the UAE’s net zero initiative to lead the country into becoming a truly sustainable, knowledge-based economy. As COP28 will be hosted by the UAE, we would like to offer our Private Banking clients the opportunity to make a long-term impact on the UAE’s environment. It is essential that we come together to leave behind a thriving ecosystem for our children and their children after them.”
Engineer Abdullah Saeed Al Shamsi, Corporate Director of Jubail Island Investment Company added: “This strategic agreement with Emirates NBD exemplifies the importance of how vital the environment is for businesses and the efforts that are being taken to create a sustainable future for all. This initiative is in line with Jubail Island’s commitment to increase the capital’s green urban space by planting 1 million mangrove trees. Emirates NBD shares the same vision as us in providing a cleaner planet and we are delighted to be working hand-in-hand to implement this initiative that will put people at the forefront of driving change by contributing to the growth of 3,000 mangrove trees at Jubail Island – all of which will have a positive impact to our environment and city for years to come.”
Emirates NBD Private Banking aims to provide its clients with a seamless, tailor-made banking experience that is designed to inspire and assist them in pursuing passions and goals at the most ambitious scale.
