Mashreq, a prominent financial entity in the Middle East and North Africa (MENA) region and one of the oldest banking institutions in the Middle East, has recently partnered with UAE-based fintech firm Fils to introduce a pioneering carbon offsetting service for its corporate clients. This collaboration, formalised through a Memorandum of Understanding (MOU), aims to facilitate easy integration of carbon offsetting directly from corporate accounts held at Mashreq.
View from behind trees to a city, United Arab Emirates.
Fils, known for its innovative digital platforms, offers infrastructure solutions to various industries, emphasising sustainable, environmentally friendly products like carbon offsetting. This initiative is a significant step towards realising an ESG-compliant corporate environment, enabling businesses to incorporate sustainable practices seamlessly into their operations.
The MOU signed at Mashreq's Global headquarters underscores the institution's commitment to developing specialised carbon-offsetting financial products. This initiative is expected to launch in the first half of 2024 with select UAE-based corporate clients of Mashreq, marking a vital development in the region's financial sector's approach to environmental responsibility.
Read more: The 3 pillars of corporate sustainability
An integral aspect of this partnership is the utilisation of blockchain technology by Fils to ensure transparency and prevent double counting in carbon credit tracking. This move is a robust response to greenwashing, promoting genuine environmental accountability.
Joel D Van Dusen, Head of Mashreq's Corporate and Investment Banking Group, highlighted the significance of this initiative, aligning with the UAE's vision of integrating sustainability into its economic and financial frameworks. This aligns with the country's hosting of COP28 and its ambition to lead global sustainability efforts.
Read more: Sustainable harvest: UAE farms take the lead in carbon credit sales
The collaboration is part of Mashreq's wider Climb2Change ESG platform, reflecting the bank's dedication to sustainable practices and contributing to a net-zero future. This initiative also aligns with the UAE's goal to achieve net-zero emissions by 2050, showcasing a commitment to both domestic and international environmental sustainability.
Mashreq's collaboration with Fils is set to revolutionise the way corporate clients engage with carbon credits, offering a unique, accessible, and accountable approach to environmental sustainability in the financial sector.
The critical role of carbon offsetting in the quest to achieve net-zero emissions is paramount. Its significant contributions to environmental health, economic stability, and societal wellbeing are key to preserving our natural world and ensuring its prosperity. DGB Group's worldwide efforts, including planting over 31.2 million trees and aiming to capture upwards of 60 million tonnes of CO₂, are vital in driving us towards a sustainable future. Our nature-centric initiatives offer organisations a chance to reduce their ecological impact and offset their emissions, engaging actively in the restoration and protection of nature through DGB's certified carbon credits.
Get familiar with DGB’s carbon credits and start your offset journey
