Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report
Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report (“ISSB Report”) for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its subsidiaries.
In June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2sets out specific climate-related disclosures and are designed to be used with IFRS S1.
Emirates NBD’s inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group’s governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and opportunities.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: “We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group’s sustainability practices, but also strengthen the bank’s reputation and brand image among investors and the community.”
Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: “The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.”
Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: “As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.”
The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide.
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