Suez Canal Bank announced that it has completed measuring the carbon emissions of about 70% of its financing portfolio for direct facilities, in cooperation with DCARBON and ESG.
This step is considered a leading achievement in the Egyptian banking sector in the field of sustainability and sustainable financing, as it allows the Suez Canal Bank to measure the environmental impact of its financing activities. It also provides the bank’s clients with the necessary knowledge of the environmental impact of their industrial and commercial activities – a starting point for reducing carbon emissions in line with UNDP’s goals and Egypt’s Vision 2030.
It is worth noting that ESG uses the latest means of information technology to publish digital reports by using data for each client to measure emissions.
Hussein Rifai, Chairperson and Managing Director of the Suez Canal Bank, said that the Suez Canal Bank recognizes the vital role that financial institutions play, especially in supporting the green economy. “The initiative to measure the carbon emissions of our financing portfolio is a step to support our customers and encourage them to make sound decisions,” he said.
He added that Suez Canal Bank’s steps are in line with the guiding principles for sustainable financing, which were issued by CBE to set the general framework for sustainable financing for the Egyptian banking sector so that environmental, social, and governance elements are integrated into operations and decisions related to banking operations.
It is worth noting that these principles enhance and complement other development initiatives of CBE and are consistent with and support national and global commitments, including Egypt’s Vision 2030 and the Sustainable Development Goals.