- Faisal Mohammed Al Shimmari, Head of ESG and Corporate Strategy at Mashreq Bank, discusses the crucial role of financial institutions in achieving sustainable development goals
Achieving the UN’s Sustainable Development Goals (SDGs) by 2030 will require banks to play the indispensable role of key enablers, said Faisal Mohammed Al Shimmari, Head of ESG and Corporate Strategy at Mashreq Bank.
In a conversation on the sidelines of COP28 in Dubai, Al Shimmari highlighted the critical need for adequate financing for energy transition or addressing crucial issues.
The banking sector, therefore, serves as the foundational support required to facilitate these journeys toward sustainability. “We are a key enabler. Any ambitious plans around energy transition or addressing the Sustainable Development Goals, whether it’s preventing hunger, food security or preventing poverty or even reducing crimes, will not happen without the proper finance in place,” Al Shimmari said.
He emphasised the need for a redefined approach to public-private partnerships, terming it “PPP 2.0.” Recognising that achieving the SDGs requires collective action, Al Shimmari underscored the importance of unified efforts and partnerships.
He said Mashreq Bank is ready to play a proactive role in accelerating progress, working closely with partners across sectors to navigate the transformative journey toward a sustainable future. He delved into Mashreq’s ESG strategy, highlighting collaborations with regulators to address emissions across various scopes. The bank’s commitment of $30 billion by 2030 to finance sustainable and green projects underlines its dedication to ESG principles and climate risk management.
Looking into the UAE’s future sustainability, Al Shimmari stressed the need for broader engagement, addressing not only environmental but also social aspects through innovative financial products. He outlined strategies involving subsidies, investment bonds, and incentives, aiming to tackle poverty and ensure social inclusion.