Following ADCB Group’s announcement joining the “Net Zero Banking Alliance” ADCB Egypt takes a pioneering step by launching the first sustainable corporate account in Egypt The bank reveals its sustainable financing targets until 2030
In a pioneering step, Abu Dhabi Commercial Bank Egypt announced the launch of the sustainable account tailored for companies to manage their funds while achieving their strategy towards a sustainable economy. The launch of this account, the first of its kind in Egypt, comes in line with the bank’s sustainability roadmap and aim to support responsible investment and help its customers in their transition to environmental and social governance practices. It is also in alignment with Egypt’s Sustainability Strategy 2030 and the Plans of ADCB Group that has recently announced joining to the Net Zero Banking Alliance, an alliance of more than 130 leading global banks committed to financing climate action to transition to net zero greenhouse gas (GHG) emissions by 2050.
ADCB Group has also declared the increase of its sustainable finance targets significantly to reach $34 billion by 2030, with a $14 billion target by 2025. In the same context, Abu Dhabi Commercial Bank Egypt has set a target for its sustainable finance to reach 15% of its lending portfolio by 2030, supporting environmental and social projects with innovative and sustainable banking products.
In this context, Ihab El Sewerky, CEO and Managing Director of Abu Dhabi Commercial Bank Egypt, commented: “Banks play a major role in the transition towards sustainability. Addressing climate change is among the priorities of the Egyptian government that has released its National Climate Change Strategy 2050. We are committed to supporting the Egyptian economy and our customers on their journey towards a more sustainable future by providing them with innovative banking solutions to overcome the climate change, in line with the strategy and vision of Abu ADCB Group.” He added: “the bank and its Board of Directors pay great attention to the sustainability file and governance frameworks have been developed to ensure progress in the bank’s strategy at a steady and rapid pace. Indeed, we have taken many steps, including preparing the banking framework for sustainable finance and the credit policy for managing environmental and social risks. Today, we are happy to launch the first sustainable corporate account in Egypt, as well as the electric vehicle loan for individuals. In order to achieve these steps, we had to invest in human capital, train staff at the highest level, and raise awareness of climate risks and sustainable development goals.”
The sustainable account provides companies with a convenient solution to increase their investments in sustainable projects and assets, and customers will have access to periodic reports to measure the environmental and societal impact of these projects. This account also provides access to the different digital banking services (inquiry, money transfer, account opening) through the electronic application to support its customers in promoting sustainable corporate practices. The bank also aims to launch a group of sustainable banking products to support environmental and community projects, aiming to expand its sustainable finance portfolio. It is worth mentioning that the bank has recently announced the loan for electric vehicle exempted from administrative fees to encourage consumers to go green and adopt environmental friendly practices.
ADCB Group is participating in the United Nations Climate Change Conference (COP28) taking place in Expo City, Dubai from the 30th of November to 12th of December.
