Saturday, June 15, 2024

Emirates NBD launches global SustainTech Accelerator Program to support sustainable banking solutions for the future

In the lead up to COP28, Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has launched a sustainability themed accelerator program, inviting leading global Green FinTechs to co-create innovative sustainability-focused financing solutions and processes to support a climate resilient future. The SustainTech Accelerator Program is supported by Microsoft and aims to enable the focused advancement of sustainability goals for both parties.

The accelerator, which will accept applications from 6 September to 10 October 2023, will support Green FinTechs developing solutions and tools that could help Emirates NBD boost its suitability performance through: access to accurate, reliable, standardized and consistent data, reliable indicators to quantify contributions and track progress to sustainable development, advanced risk management tools, solutions that can support the transition of legacy systems and products towards sustainability, tools to navigate the complex regulatory landscape and independent verification and certification services to enhance the credibility and integrity of sustainability claims.

Shortlisted participants will be invited to present their solutions, addressing the four key campaign opportunity areas identified by Emirates NBD:

  • Advancing sustainability in Finance with comprehensive Emission Tracking across all three scopes
  • Climate Risk Modeling for Enhanced Financial Resilience
  • Innovative Carbon Trading for Banks
  • Advancing ESG Risk Assessment Solutions: Pioneering Sustainable Business Practices

Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: “As a leading banking group in the region that is committed to supporting the UAE’s Year of Sustainability and COP28, Emirates NBD strives to contribute to and invest in socially responsible programs and solutions. We are happy to launch our SustainTech Accelerator program and are excited to discover the sustainable products and solutions promising SustainTechs from around the globe bring to the table.”

He added: “We understand that being environmentally conscious is a powerful force in reshaping the financial landscape. Through programs like these, combining innovation with responsibility, we strongly believe that with each improved process and service offered, we can better the lives of our people, customers and communities.”

Naim Yazbeck, General Manager of Microsoft UAE, said: “As the UAE prepares to welcome global sustainability leaders from around the world for COP28, all eyes will be on the country to tackle the challenges resulting from climate change. In line with the UAE’s sustainability commitments, we are excited to collaborate with Emirates NBD on the SustainTech Accelerator Program. This collaboration will see us empower FinTechs with the latest technologies to create innovative solutions that will support organisations in understanding their environmental footprint and reducing the environmental impact of their operations.”

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