A new step for CIB towards consolidating its leadership position in sustainable international trade finance is the first bank to produce an Ecological Footprint Report in Africa

CIB has adopted an integrated environmental reporting approach in its continuous pursuit of sustainability, as the Bank has demonstrated a serious commitment towards promoting corporate sustainability practices to preserve the environment and protect its resources. In addition, the Ecological Footprint Report is CIB’s latest outstanding achievement in the field of sustainability.

The Commercial International Bank – Egypt (CIB) announced ) – The largest private sector bank in Egypt – for its active participation in the efforts to promote the green transformation of the economy by issuing the first report to measure the environmental footprint in Egypt and Africa at the level of commercial banks. This report is an important step in the Bank’s sustainability strategy to transform towards a green economy in Egypt, and to enhance the role of banks and institutions with regard to their responsibility to affect the environment and provide the best solutions to reduce the negative effects of climate change.
In addition, this report reflects the Bank’s efforts to develop a sustainability disclosure plan to go beyond the usual carbon footprint reports, and include the issuance of integrated reports to measure The ecological footprint, which includes a more comprehensive presentation of the ecological footprint indicators, as the report focuses on monitoring the three main indicators of the ecological footprint; Land footprint (total land consumed to utilize available resources), carbon footprint (total carbon dioxide emissions), and water footprint (total water consumed including volume of polluted water), which makes this report a more comprehensive approach to sustainability with its assessment of All the negative effects of the operations and activities of institutions on the environment.

In this context, Mohamed Sultan, CEO For the operations sector of CIB, preparing the environmental footprint measurement report, which is more comprehensive than the carbon footprint report, is a turning point because of its many advantages, including the use of a single indicator to facilitate the process of communication with concerned parties, understanding environmental impacts, comparing and evaluating products, activities and services, in addition to creating A clear link between the volume of local and global consumption, and the exploration and evaluation of the relationship between sustainability and the factors affecting it, since the evaluation has become based on fixed environmental facts rather than random assumptions.

In a related context, Dalia Abdel Qader, Head of the Sustainable Finance Sector at CIB, said that the Nick hopes that this report will contribute to promoting the transition to a more comprehensive and integrated framework for the disclosure of environmental practices, and added that the issuance of this report comes as a culmination of our continuous efforts to develop data management for environmental, social practices and governance principles (ESG), as the report aims to assess the negative impacts of the bank’s operations environment by using internationally recognized standards and methodologies with utmost transparency.
It is worth noting that since 2015, CIB is keen to periodically disclose environmental, social practices and governance principles (ESG) to its stakeholders, which has demonstrated the importance of accurate information in making decisions Correct and able to manage risks and reduce their damage. In the year 2017, the Bank issued the first report to measure the carbon footprint, to launch the unified report on the carbon footprint in all branches and headquarters of the Bank by the year 2018. Since then, the bank has participated in many sustainability initiatives, the most important of which are joining the “Net Zero Banking Alliance”, signing the Principles of Responsible Banking, as well as disclosing the environmental impact of its operations through the Carbon Disclosure Project (CDP). ) in line with the requirements of the Climate Financial Disclosure Framework (TCFD). CIB’s latest steps in its efforts to promote environmental sustainability, which included the establishment of a sustainable finance department, with the aim of establishing a culture of sustainability as one of the main pillars of its business strategy, as well as providing a strong platform for integrating environmental and social sustainability practices and governance principles (ESG) into all its operational activities. The Bank issued the first green bond in Egypt, in addition to joining the founding members of the “Banking Alliance to reduce net carbon emissions to zero” to align its financing and investment portfolios with efforts to reduce carbon emissions by the year 2050.