The Commercial International Bank (CIB) announced, on Wednesday, that it has furthered its commitment to environmental transparency by disclosing its environmental impact through the Carbon Disclosure Project (CDP).
The CDP is a global non-profit organisation that runs the world’s leading environmental disclosure platform. Since 2018, CIB has been disclosing through the CDP, and in 2020 completed the CDP’s climate change and water security questionnaires.
“As the CIB strives to embed sustainability across our operations, we know disclosure is an essential step to drive environmental action,” said Dalia Kader, Chief Sustainability Officer (CSO) at CIB, “Disclosure helps us to manage environmental risk and identify opportunities, track and benchmark progress, and find new opportunities for action that are in demand.”
Kader also said that corporate transparency is necessary to track progress towards a more sustainable future, and which has very well been practiced at the bank over the years.
Dexter Galvin, Global Director of Corporations and Supply Chains at CDP, said, “The private sector has a huge role to play in the transition to a sustainable economy, and the first essential step for companies is to be transparent around their current environmental impacts.”
Galvin added, “CIB is among a critical mass of companies that are disclosing their environmental data to their stakeholders through CDP annually.”
He also noted that the disclosure process is helping build trust through transparency, uncover risks and opportunities, boost the bank’s competitive edge. At the same time, it also allows for CIB to track progress towards their environmental goals.
Over the last five years, CIB has set the regional financial industry benchmark in conforming to environmental, social, and corporate governance (ESG) disclosures, reflecting its integrity and fiduciary duty to its investors and shareholders.
CIB’s listing by CDP, a leading environmental reporting framework with strict criteria, is a testament to the bank’s diligence in adopting global standards of measuring and reporting its environmental impact.
By completing CDP’s annual request for disclosure via completion of its climate change and water security questionnaires, CIB demonstrates the transparency and accountability vital to tracking progress toward a thriving, sustainable future.
The rise in corporate disclosure, which reached 9,600 companies worldwide in 2020, is evidence that transparency around environmental impact is now a business norm.
CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. The world’s economy looks to CDP as the gold standard of environmental reporting, with the richest and most comprehensive dataset on corporate and city action.