Net Zero beyond COP28 – a recap from our Dubai roundtable

At the start of this year, ecolytiq hosted the 2^nd edition of their sustainability roundtable events, this time in Dubai, bringing together the key leaders of the UAE banking ecosystem, including Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Dubai Islamic Bank, RAK Bank, Emirates NBD, Mashreq, National Bank of Fujairah and Visa.

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The teams discussed how to effectively drive sustainability initiatives towards "Net Zero" in banking – beyond COP28. Let’s dive into the insights and key takeaways from the session.

The challenge:  

Time is running out to keep global warming below 1.5°C, and with just a little over 5 years left until 2030, the time to act is now. What the world needs is effective and scalable solutions, and banks have just the right tools to drive this sustainability transition.

Consumers worldwide want to take matters in their own hand, and sustainability awareness is high, particularly in the UAE:

·      80% of consumers say ‘it’s our responsibility to save the planet for future generations’.

·      66% believe they can play a role in addressing climate change

·      63% say climate change is the topmost challenge facing humanity

Source: VISA UAE Sustainable Commerce Study 2023

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Banks play a key role in bridging the gap between the demand and supply for sustainable products, and with success! As highlighted by Visa’s 2023 GCC Sustainable Commerce Study, consumers respond positively to banks and payment provides that emphasize sustainability​:

·      71% are willing to recommend banks that offer sustainable payment options

·      66% opted for a bank with strong green credentials in the past 12 months 

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Yet in order to drive Net Zero banking experiences beyond COP28, banks need to discuss challenges and align on scalable methodologies. The aim of the roundtable, hosted by ecolytiq, was to bring the key financial players in the MENA market together, to discuss, align and lead the topic of driving sustainability in banking experiences in the MENA region.   

The discussion:

The discussion was founded on one key question: What are the challenges & best practices in driving sustainability initiatives?

And whilst it was an energized discussion, with many ideas and challenges being touched upon, three key themes gained common consensus and stood out:

1. Sustainability needs to be a goal embedded throughout the organization and teams, implemented with clear score cards and relevancy with each business unit.

2. ESG initiatives need to be treated as a business transformation initiative rather than BAU process.

3. Sustainability is already non-negotiable and the ambition of banks to play a key role in theUAE's sustainability transition hasn't slowed down after COP28, but how do we apply this transition practically in this region where non-renewables can be cheaper than renewables? 

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Looking at these outcomes, one thing becomes clear, driving the sustainability transition in the UAE is a joint effort. Only by committing to leading the change and collaboration on clear strategies can we effectively drive sustainability initiatives towards "Net Zero" in banking beyond COP28.

Watch the recap video here: