Commercial International Bank – Egypt (CIB) has been appointed to represent Africa within the framework of the steering group of the Net-Zero Banking Alliance convened by the UN.
The new governance is made up of 12 members and will oversee decision-making and strategy, guiding the technical work and collective progress of the alliance, which is committed to aligning their loan and investment portfolios with net zero emissions. by 2050.
Hussein Abaza, CEO and Managing Director of CIB Egypt, represents the bank at the senior level, and Dalia Abdel Kader, Chief Sustainability Officer of CIB Egypt, holds a representative role. Senior level delegates ensure that strategy is embedded at the heart of organizations, and representative level working level delegates address the practicalities of engagement.
The new governance will allow the Alliance to move forward by aligning members’ loan and investment portfolios with net zero emissions by 2050. The governance will provide a level of accountability to the alliance and is designed to leverage membership diversity, building consensus, and ensuring that best practices can be adopted around the world.
“Climate change is a top priority for us and it is at the heart of CIB’s sustainable finance strategy. We are happy to work with its international banks to found the Net-Zero Banking Alliance. We look forward to becoming an agent of positive change in Egypt and Africa and to combine our efforts with other banks to mitigate the impact of climate change, ”said Hussein Abaza.
“Participating in the Alliance’s new governance structure is a rewarding mandate for the CIB, as we recognize the urgency of this ambitious commitment at national and regional levels,” said Dalia Abdel Kader. “The alliance recognizes the vital role of banks in supporting the global transition from the real economy to net zero issuance and this will require collective efforts on the part of financial institutions and customers.”
As a founding signatory of the Alliance, CIB has been appointed alongside member banks representing various geographies and business models. The 12 members are Amalgamated Bank, Bank of America, Banorte, BBVA, CIB, Citi, HSBC, KB Financial Group Inc., La Banque Postale, Morgan Stanley, MUFG and Standard Chartered.
The Alliance was launched in April 2021 and has since grown from 43 founding banks to 53 members from 27 countries with $ 37 trillion in total assets, representing almost a quarter of banking assets worldwide.
Since 2015, CIB has guaranteed its commitment to sustainable development in all of its activities by integrating environmental, social and governance (ESG) dimensions into the culture, policies, procedures, operations and culture of CIB. The Bank prioritizes not only profitability, profitability and operational efficiency, but also social and environmental impact.