Commercial Bank of Dubai (CBD) has signed an MoU with Visa, reaffirming the bank’s commitment to sustainable practices.
The partnership is the next step in a long-held partnership between CBD and Visa. Through the MoU, the two entities committed to future collaboration on sustainable initiatives to provide enhanced sustainability, specifically carbon, awareness, engagement and offsetting.
The MoU enables CBD and Visa to provide better insights into customers’ carbon footprint associated with their spending patterns. The partnership is seen as a key enabler in both the provision of consumer education and providing customers with a means to reduce their carbon footprint.
“The MoU signifies a pivotal step in our long-standing partnership with Visa and our commitment to sustainability. At CBD, we champion our customers’ aspirations, and this collaboration enables us to empower them in contributing to a sustainable future for themselves and generations to come,” Khaled Al Hammadi, General Manager of the Personal Banking Group at CBD.
CBD is committed to supporting impactful and purpose-driven global environmental challenges. In 2022, the bank introduced its Environmental, Social, and Governance (ESG) strategy.”
“Our recent Sustainable Commerce research reveals that over half of UAE consumers seek guidance from their banks for more sustainable financial choices, which presents a significant opportunity for financial institutions to actively promote sustainability,” said Salima Gutieva, Visa’s VP and Country Manager for UAE.
CBD announced its commitment to carbon-neutral operations by 2030 in October in a bid to combat climate change and advance the UAE’s sustainable future. The commitment includes reducing greenhouse gas (GHG) emissions from the bank’s own operations by 50% by 2030.
