Environmental Responsibility of the Banking Sector in UAE: Practices to Confront Climate Change Risks
Environmental Responsibility of the Banking Sector in UAE: Practices to Confront Climate Change Risks

Author(s): Shaymaa Al-Said Salem, Dina Elkhattat
Subject(s): Energy and Environmental Studies, Environmental interactions, Financial Markets
Published by: Scientia Moralitas Research Institute
Keywords: Corporate Environmental Responsibility; Corporate Sustainability;
Summary/Abstract: With the climate change challenges and risks they impose on the environment, corporate organizations' interest in environmental and sustainable development issues is no longer a strategic choice but rather an imperative. In this context, UAE paid great attention to environmental sustainability issues and reflected it in the "UAE Vision 2030." Moreover, the national banking sector in the UAE was keen to adopt environmental responsibility practices to support the state's efforts by reducing the negative risks of climate change. This qualitative study aimed to shed light on the concept of environmental responsibility, in line with appropriate theoretical approaches, such as Stakeholder Theory and the Environmental Responsibility Model, by applying a case study of Emirates NBD. The results showed that Emirates NBD's interest in applying the concept of sustainable environmental management as a strategic priority and integrating various stakeholders into environmental responsibility initiatives to rationalize energy consumption and reduce carbon emissions resulting from bank operations to face climate change challenges. In this regard, several initiatives have been implemented, in addition to the bank's partnerships with other local and international institutions. This study suggests that governments should encourage the banking sector to finance major environmental projects as part of their environmental responsibility practices.

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