The Commercial International Bank (CIB), Egypt’s leading private sector bank, has announced its full support of Earth Day, an annual international event to demonstrate support for environmental protection and the world’s largest environmental movement.
As a leader in responsible banking, CIB is committed to setting the tone for responsible banking and leading by example, through green initiatives and sustainability practices in the face of climate change.
“CIB has been a forerunner on a regional level in tackling climate change for the past several years,” said Dr Dalia Abdel Kader, CIB Chief Sustainability Officer, “CIB is the only bank from the Middle East and North Africa (MENA) region to be listed on the Carbon Disclosure Project, and is seriously taking up the mandate of addressing climate change risks and opportunities and their impact on the banking industry and driving the transition towards the green economy.”
In striving to remain at the forefront of sustainable banking, CIB incorporates sustainable practices into its core business operations and aligns its banking activities with UN SDGs and Egypt Vision 2030.
These endeavours, among others, have brought CIB international recognition, such as its role as one of the 30 founding banks of the UNEP FI Principles for Responsible Banking, and being named on the FTSE4Good Index.
The bank is the first financial institution in Egypt and second in the region to join the Task Force on Climate-Related Financial Disclosures (TFCD). This came as part of the bank’s efforts to support local and global sustainable practices, and take precautionary measures to reduce climate change risks in the short- and long-term.
CIB was the first bank in Egypt to implement the Energy Efficiency Improvement Project in LED lighting transformation, saving of 40% of its energy consumption.
CIB was also the first bank in Egypt to acquire the Egyptian Green Pyramid Certificate (GPRS) for three of its “Green Buildings”. This was awarded by the Ministries of Housing, Utilities and Urban Communities, Electricity and Renewable Energy, and Environment.
The Intergovernmental Panel on Climate Change (IPCC) predicts global warming will cause serious changes in water supplies around the world, in addition to an increase of about 0.2 degrees Celsius per decade in the average global temperature.
As it assesses different climate change scenarios and determine their impact on the banking industry, the bank believes it is its responsibility to raise awareness on the risks and opportunities of climate change as we develop into a green economy.