Emirates NBD Backs Erguvan, A Carbon Credit Platform
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has invested in Erguvan, a climate and financial technology venture aimed at providing financial institutions and corporations with digital infrastructure, enabling them to manage the impacts and risks of climate change.
The investment was made via Deniz Ventures, an investment fund launched by DenizBank A.S., Turkey, under the umbrella of Emirates NBD Innovation Fund, the Corporate Venture Capital arm of Emirates NBD Group.
The Group-wide fund was created to enable investments in strategically relevant FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets, including Turkey.
Erguvan was established in 2022 to drive progress in the field of climate change. In addition to Erguvan Marketplace, Turkey’s first and only environmental commodities marketplace, the company also offers modular carbon footprint management solutions under the Erguvan Climate Action Platform, which integrates through an API-based solution.
Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital, Emirates NBD, said, “Sustainability is increasingly becoming a core part of our strategy, and we are delighted to announce our investment in Erguvan, a climate fintech venture that is Turkey's first digital carbon credit trading platform. As one of the UAE’s leading financial institutions, we are looking to set a global benchmark for technology-driven ESG solutions, and such investments through our Innovation Fund bring us one step closer to achieving our aspirations.”
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, added, “Our investment in Erguvan marks a significant milestone in our sustainability journey and demonstrates our commitment to integrating ESG in our strategy and investment decisions. It also aligns with our ambition to leverage cutting-edge innovation to tackle global energy challenges. Our partnership with Erguvan gives us access to powerful tools that will help assess environmental impact, enhance our sustainability strategies, and manage carbon footprint for us and our clients.”
Emirates NBD Group is an Associate Pathway Partner for the 28th edition of the United Nations Climate Change Conference (COP28), being held in November this year in Dubai, UAE, and a key contributor to the UAE’s Sustainability agenda. The Group was among the latest cohort to sign the UAE Climate-Responsible Companies Pledge, initiated by the UAE Ministry of Climate Change and Environment in support of the UAE’s Net Zero 2050 Initiative.
Source: Emirates NBD