The Commercial International Bank (CIB) — Egypt’s leading private sector bank — has disclosed its 2021 environmental impact through the Carbon Disclosure Project (CDP), a global non-profit organisation that runs the world’s leading environmental disclosure platform.
The CIB has been disclosing its environmental data through the CDP since 2018.
“Transparency and commitment to improve are the core of CIB’s values,” said Mohamed Sultan, the CIB’s COO.
“The CIB has been measuring and reporting its environmental impact since 2017, and we are constantly raising the bar and challenging ourselves to do better. We’ve since widened the scope of our reporting to the now comprehensive Ecological Footprint Report, which measures our land, carbon, and water footprints,” continued Sultan.
“Disclosing our data to the CDP is one of our many environmental sustainability efforts, which include issuing Egypt’s first private sector Green Bond and becoming a signatory of the Net Zero Banking Alliance.”
“The fact that our CDP rating has gone from Level D (Disclosure) to Level C (Awareness) reflects CIB’s unwavering commitment to improving its reporting mechanisms and data accuracy management and in adopting global standards in measuring and reporting its environmental impact,” said Dalia A. Kader, the CIB’s CSO.
The CIB’s annual disclosure to the CDP is part of wider efforts to centre sustainability and responsible banking at the core of CIB’s operations, thus providing a solid platform for the integration of sustainability and environmental, social, and governance principles across the bank’s functions.
Some of these efforts include releasing the Bank’s first ever Carbon Footprint Report in 2018 and Ecological Footprint Report in 2021, becoming the first Egyptian bank to join the Task Force on Climate-Related Financial Disclosures, issuing Egypt’s first private sector Green Bond, and becoming a signatory of the Net Zero Banking Alliance.
“Climate change poses a present and future risk to companies and their supply chains. Only by measuring environmental risks and opportunities can companies manage them now, prepare for the future, and remain competitive — especially as large mainstream investors and policymakers increasingly push for greater transparency through disclosure,” said Sonya Bhosle, the Global Head of Value Chains at the CDP.
“By disclosing their environmental impact through the CDP, the CIB has taken an important first step. I look forward to their continued dedication to transparency and effort in securing a sustainable 1.5-degree future.”
The CIB is one of thousands of companies that are disclosing their environmental data to investors and stakeholders via the CDP, demonstrating a transparency and accountability that is vital to tracking progress and working towards a thriving, sustainable future.