Commercial Bank International P.S.C.
Climate Impact & Sustainability Data (2021, 2023)
Reporting Period: 2021
Environmental Metrics
Total Carbon Emissions:47,026 kg CO2e (Scope 1); 842,637 kg CO2e (Scope 2); 329 kg CO2e (Scope 3)
Scope 1 Emissions:47,026 kg CO2e
Scope 2 Emissions:842,637 kg CO2e
Scope 3 Emissions:329 kg CO2e
Renewable Energy Share:Not disclosed
Total Energy Consumption:2,107 MWh/year
Water Consumption:2,510 m3/year
Waste Generated:80 tons/year (shredded paper)
Carbon Intensity:Not disclosed
ESG Focus Areas
- Environmental
- Social
- Governance
Environmental Achievements
- Reduced total electricity consumption from CBI buildings by 7%
- Reduced other indirect emissions by 90% (e.g., Emission from business air travel)
- Reduced shredded paper consumption by 50%
- Maintained total utility and drinking water consumption year-on-year in 2021
- Reduced emissions from the generation of purchased electricity, steam, heating, and cooling consumed by 3%
Social Achievements
- 76 new staff hires in 2021
- 883 employee training sessions, an increase of 24% compared to 2020
- A diverse workforce of 392 full-time employees, across 34 nationalities
- 22% of our employees are Emirati
- 42% of our employees are female
- As part of our Paternity policy 16 staff took leave in 2021
- 5,036 total hours of employee training provided
Governance Achievements
- Restructured Board Committees to increase effectiveness
- Cancelled Board Governance, Nomination and Remuneration Committee (BGNRC) and Board Special Assets Committee (BSAC)
- Formed the Board Executive Committee
- Appointed an external third party to assess the CBI Board, its committees, and individual members
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Not disclosed
Short-term Goals:
- Not disclosed
Environmental Challenges
- Increased fuel consumption by vehicles owned or leased by the Bank by 68% in 2021 due to the return to office and pre-pandemic levels of business activity.
Mitigation Strategies
- Continued remote working and the ongoing usage of virtual platforms to support services.
- Initiatives put in place in 2020 to improve environmental performance.
- Plan to manage organic waste by in-house composting, reduce paper consumption, and move towards paperless operations.
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Not disclosed
Climate-Related Risks & Opportunities
Physical Risks
- Not disclosed
Transition Risks
- Not disclosed
Opportunities
- Not disclosed
Reporting Standards
Frameworks Used: GRI Standards - Core Option, SCA, ADX ESG Guidelines, UNGC Principles, Paris Climate Agreement, UAE Vision 2021, UAE Strategy 2050
Certifications: Null
Third-party Assurance: Internal assurance process
UN Sustainable Development Goals
- SDG 13: Climate Action
- SDG 12: Responsible Consumption
- SDG 6: Clean Water
- SDG 10: Reduced Inequalities
- SDG 3: Good Health and Well-Being
- SDG 8: Decent Work and Economic Growth
- SDG 16: Peace, Justice and Strong Institutions
Initiatives align with various SDGs, details to be provided in future reports.
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- Not disclosed
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:136 tCO2e/year (Scope 1); 863 tCO2e/year (Scope 2); 13.3 tCO2e/year (Scope 3)
Scope 1 Emissions:136 tCO2e/year
Scope 2 Emissions:863 tCO2e/year
Scope 3 Emissions:13.3 tCO2e/year
Total Energy Consumption:2432 MWh/year
Water Consumption:3478 m3/year
ESG Focus Areas
- Environmental
- Social
- Governance
Environmental Achievements
- Fuel consumption per vehicle owned or leased by the Bank decreased by 42% from 2022.
- Implemented a practice of monitoring GHG Emissions and consistently undertake measures to minimise these emissions within our operations and beyond.
- Electronic bank statements have been deployed across our client base and a printer rationalisation programme was executed to guarantee that all spent toner cartridges were recycled in an ecologically responsible manner.
Social Achievements
- Increased the percentage of Emiratis in our employ to 25%.
- Welcomed 8 new Emirati employees, bringing our total to 114 compared to 106 in 2022.
- Total of 10,175 hours of employee training provided.
- As part of our paternity policy, 19 staff members took leave in 2023
Governance Achievements
- Continued its efforts to enhance its existing Corporate Governance Framework and adopt the latest best practices in this regard.
- Successfully integrating UBF committee guidelines into our operational framework.
- Resolving 79% of customer complaints within the agreed 5 working days.
Climate Goals & Targets
Medium-term Goals:
- Monitor natural resource usage and establish corporate targets for reducing GHG emissions while optimising asset performance.
- Develop a plan for managing organic waste through in-house composting awareness and systems aimed at diverting organic waste going into landfills, thereby reducing Carbon Dioxide (CO₂) and Methane (CH₄) emissions.
Short-term Goals:
- Continue reducing our paper consumption to move closer to achieving a paperless transformation.
Environmental Challenges
- Challenges have been observed in sanctions compliance due to the changed geo-political landscape, which in turn has impacted to some extent the risk appetite of the Bank in terms of onboarding and transacting of categories of customers.
- Heightened expectations have been observed on UAE banks where such banks could now be potentially held liable for inadequately disclosed self-assessments of its customers that do not get properly challenged.
Mitigation Strategies
- Compliance Department continues to have a Sanctions Policy and monitoring system to support CBI’s commitment to comply with the relevant sanctions programs and different laws and regulations in all related jurisdictions.
- Compliance Department steadily continued in 2023 to enhance its monitoring activities, assurance role and advisory role to its stakeholders.
- Further enhancements have been made in relation to the efficiency and effectiveness of CBI’s monitoring of transactions which may indicate potential money laundering patterns.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GRI Standards – Core Option, SCA and ADX ESG Guidelines, UAE Vision 2021, and UAE Strategy 2050, UNGC Principles, Paris Climate Agreement
Third-party Assurance: Internal assurance process
UN Sustainable Development Goals
- SDG 13: Climate Action
- SDG 12: Responsible Consumption
- SDG 6: Clean Water and Sanitation
- SDG 5: Gender Equality
- SDG 10: Reduced Inequalities
- SDG 3: Good Health and Well-being
- SDG 8: Decent Work and Economic Growth
- SDG 16: Peace, Justice and Strong Institutions