Mashreqbank PSC
Climate Impact & Sustainability Data (2021, 2022, 2023)
Reporting Period: 2021
Environmental Metrics
Scope 1 Emissions:40.89 tCO2e/year
Scope 2 Emissions:13,904 tCO2e/year
Scope 3 Emissions:194.62 tCO2e/year
Total Energy Consumption:19,870,817 kWh/year
Water Consumption:31,975,750 liters/year
Waste Generated:547,366 tons/year
ESG Focus Areas
- Environment
- Social
- Governance
Environmental Achievements
- Energy savings of 1,229,000 kWh
- 202,547 Kgs of waste and 151 Kgs of plastic recycled
Social Achievements
- 77,034 hours of training provided to employees across levels
- Raised AED 770,576 directed towards uplifting vulnerable communities
Governance Achievements
- Formation of our first Sustainability Working Group
- Zero cases of data security breaches
- Zero corruption-related public legal cases against Mashreq
- Zero corruption-related cases against our employees
Climate Goals & Targets
Long-term Goals:
- Achieve paperless banking
Short-term Goals:
- Increase female representation to a 50:50 ratio in the total workforce and double the number of females in senior and middle-level management within the next two years
- Recruit a minimum of 50 People of Determination globally
Environmental Challenges
- Increased waste generation due to office operations resuming post-pandemic
Mitigation Strategies
- Stimulated waste management through recycling initiatives (202,547 Kgs of paper and 151 Kgs of plastic recycled)
Supply Chain Management
Supplier Audits: Supplier Charter distributed to 266 new vendors
Responsible Procurement
- Supplier Charter
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GRI 2020 core Standards, Dubai Financial Market ESG disclosure requirements, UN Sustainable Development Goals
Third-party Assurance: Internal assurance process
UN Sustainable Development Goals
- 3
- 4
- 5
- 6
- 8
- 9
- 10
- 12
- 17
Awards & Recognition
- Most Innovative Private Bank for Digital Client Solutions UAE
- Most Innovative Islamic Banking Solutions Provider – UAE
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- Sustainable finance
- Climate change
- Good governance
- Risk controls
Environmental Achievements
- Facilitated more than USD 15.5 billion of sustainable finance as of end-2022
- Sponsorship of COP27
Social Achievements
- Employee engagement score of 81 in 2022 (above global industry standard)
- Rise Every Day brand launch focusing on client success, employee ambitions, and improving lives through innovation
Governance Achievements
- Joined the UN Global Compact (UNGC)
- Implementation of a robust sustainability framework
- Deployment of new risk controls in 2022 to combat financial crime (money laundering, sanctions, cybersecurity)
Climate Goals & Targets
Environmental Challenges
- War in Europe
- Soaring global inflation
- Severely disrupted trade routes
- Rapid surge in interest rates
- Lingering COVID-19 uncertainty
Mitigation Strategies
- Ingenuity, discipline, and a readiness to adapt
- Customer-centric approach
- New risk controls to combat financial crime
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: UNGC
Certifications: PCI-DSS, ISO 41001:2018
Awards & Recognition
- Numerous awards listed in the report (see Awards & Accolades section)
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Climate Change
- Diversity & Inclusion
- Governance
- Sustainable Finance
- Community Impact
- Employee Well-being
Environmental Achievements
- Mashreq Global Headquarters achieved LEED Zero Energy certification.
- Adopted 100% recycled plastics for all card issuances.
- Launched Notice Nature, a wildlife mapping initiative.
Social Achievements
- Launched the Nature Saver Account, allowing customers to donate to Emirates Nature-WWF.
- Mashreq Global Network India earned ‘Great Place to Work’ certification.
- Initiatives like ‘Reignite’ for women re-entering the workforce.
Governance Achievements
- Established a Sustainability Executive Committee.
- Expanded the Board Risk Committee to include ESG.
- Zero cases of customer privacy breaches or data loss in FY2023.
Climate Goals & Targets
Long-term Goals:
- Net-zero emissions (pledged to SBTi Corporate Net-Zero Standard).
Medium-term Goals:
- Facilitate AED 110 billion (USD 30 Billion) in sustainable finance by 2030.
Environmental Challenges
- Cybercrime and data security.
- Economic instability and credit risk.
- Shifting regulations and compliance.
- Disruptive technologies.
- Climate risk.
Mitigation Strategies
- Robust physical, administrative, and technical security measures.
- Comprehensive risk management framework.
- Proactive compliance function.
- Adaptability and proactive strategies for technological transformations.
- Active preparation for the transition to Alternative Reference Rates (ARR).
Supply Chain Management
Responsible Procurement
- Procurement Policy and Supplier Charter
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GRI 2021 Standards, UN Global Compact (UNGC), Sustainable Development Goals (SDGs), Dubai Financial Market (DFM) ESG Reporting Guide
Certifications: LEED Zero Energy
Sustainable Products & Innovation
- Nature Saver Account
Awards & Recognition
- Best Performing Bank in the UAE (The Banker)
- Best Digital Bank in the Middle East (Euromoney)
- Best Islamic Digital Bank - Global (Euromoney)
- Best Commitment to ESG Principles UAE 2023 (International Banker Awards)
- Great Place to Work (GPTW) certification (Mashreq Global Network India)
- Market Leader in the UAE for Cash Management (Euromoney)
- Market Leader in the UAE for Trade Finance (Euromoney)
- Majra Impact Seal – Gold Tier 2022