UAE’s Mashreq said Tuesday that it signed an MoU with Egypt’s COP Presidency to formalize its participation at this year’s United Nations Climate Change Conference (COP27) being held from 6 to 18 November 2022 in Sharm El Sheikh.
Mashreq’s sponsorship is part of the bank’s wider broader strategy to support, promote and lead sustainable finance across the region and other markets and signals its commitment to raising awareness and engagement across the region.
“We see the transition to a low carbon and resilient economy as a real opportunity to double our commitment to sustainable finance and invest in sectors that will drive economic growth and create the jobs of tomorrow,” Ahmed Abdelaal, the Group Chief Executive Officer of Mashreq said in a statement.
The bank is actively in discussions with several entities that are considering exploring sustainable financing for the first time to deliver more innovative financing solutions, grants and concessions as the need to help developing countries with mitigation and adaptation is growing.
Since October 2020, Mashreq has facilitated $11.7 billion in sustainable finance deals across the GCC, India, Turkey and Africa—making the bank’s involvement in COP27 and Finance Day (9 November), in particular, a timely one.
“We are embedding ESG practices across the bank, with the development of a robust sustainability framework to create more value for our people, our customers and our shareholders,” said Abdelaal.
The MoU comes as part of the bank’s acknowledgment of the gravity of the global climate challenge as different communities, stakeholders, world leaders and climate scientists are coming together to tackle the issues related to climate change.