CBD Commits to Carbon Neutrality by 2030
To combat climate change and advance the UAE's sustainable future, Commercial Bank of Dubai (CBD) announces its commitment to carbon-neutral operations by 2030.
Further, the commitment includes reducing greenhouse gas (GHG) emissions from CBD's own operations by 50% by 2030.
Dr. Bernd van Linder, Chief Executive Officer at Commercial Bank of Dubai, emphasised the bank's dedication to a sustainable future. "Commercial Bank of Dubai is taking proactive measures to tackle climate change head-on. Our commitment to carbon-neutral operations by 2030 signifies our dedication to a sustainable future. As the bank that is backing the nation's ambition, we take pride in aligning our efforts with the UAE's net-zero 2050 goal and believe businesses play a vital role in addressing the climate crisis."
CBD’s GHG emissions baseline across both own operations and financed emissions is one of the UAE's most comprehensive, integrating materiality guidelines from prominent industry-standard organisations, including the GHG Protocol and the Partnership for Carbon Accounting Financials (PCAF).
Central to CBD's emission reduction strategy are emissions from the bank's facilities and transportation. CBD is also implementing initiatives to address emissions related to purchased goods and services, waste generated in operations, business travel, employee commuting, and upstream and downstream leased assets.
The bank has also embarked on a transformation programme to support its customers in lowering their carbon footprint by offering a range of sustainable finance solutions.
CBD recognises the urgency of addressing climate change and will conduct regular assessments to ensure sufficient reductions are being delivered across its own operations emissions and financed emissions in harmony with the UAE's 2050 net-zero commitment.
CBD's commitment extends beyond emissions reduction. In 2022, an Environmental, Social, and Governance ('ESG') strategy was developed. In 2023, the bank introduced its sustainable finance framework and successfully launched its inaugural USD 500 million green bond.