Mashreq Bank has made a strategic commitment to channel capital towards sustainable uses, marking a crucial step in its agenda to foster responsible and impactful financial practices. With a firm focus on Environmental, Social, and Governance (ESG) considerations, the bank is spearheading efforts to redirect financial resources to initiatives that align with sustainable objectives.
In a recent interview on the sidelines of the COP28 conference in Dubai, Joel Van Dusen, Group Head of Corporate and Investment Banking shed light on the major changes witnessed in the bank’s approach to financing, reflecting a departure from historical norms.
He said by shifting its focus towards sustainable end users, the bank aims to support ventures that demonstrate a commitment to reducing their carbon footprint and advancing environmentally conscious practices. “We are looking to finance projects in Egypt, Bahrain, and Saudi Arabia and on the sustainable finance side, we are working with some of the major companies in the region and having a dialogue with them about what their KPIs are and how we can incentivise them to do even better,” said Van Dusen.
Highlighting a shift in the banking conversations surrounding profit, he said Mashreq Bank has integrated KPIs for sustainable finance into its operational framework. He also said the bank is committed to training its bankers in ESG principles and sustainable dialogues. By embedding these aspects into their credit policy, Mashreq Bank ensures that every banker engages clients in conversations that go beyond traditional financial considerations.
Van Dusen also outlines an ambitious plan for the bank to collaborate with fintech partners facilitating connectivity to prominent financial hubs like Singapore and ADGM, and empowering companies in the region by providing seamless access to carbon credit offsets through Mashreq's advanced technology systems.
