Dubai – Mubasher: Emirates NBD has recently launched a sustainability-themed accelerator programme to support sustainable banking solutions for the future.

The initiative, dubbed SustainTech Accelerator Program, aims to help green fintechs develop innovative tools by inviting them to establish sustainability-focused financing solutions, according to a press release.

Microsoft is supporting the UAE lender’s programme as part of a wider sustainability-focused collaboration for both parties.

Furthermore, the accelerator has been accepting applications from 6 September and until 10 October 2023.

Shortlisted participants will be able to present their solutions, addressing four campaign opportunity areas that are identified by Emirates NBD, namely advancing sustainability in finance with comprehensive emission tracking across all three scopes, climate risk modeling for enhanced financial resilience, innovative carbon trading for banks, and advancing environmental, social, and governance (ESG) risk assessment solutions: pioneering sustainable business practices.

Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, Vijay Bains, commented: “As a leading banking group in the region that is committed to supporting the UAE’s Year of Sustainability and COP28, Emirates NBD strives to contribute to and invest in socially responsible programmes and solutions.”

Bains noted: “We understand that being environmentally conscious is a powerful force in reshaping the financial landscape. Through programmes like these, combining innovation with responsibility, we strongly believe that with each improved process and service offered, we can better the lives of our people, customers and communities.”

From his side, General Manager of Microsoft UAE, Naim Yazbeck, said: “As the UAE prepares to welcome global sustainability leaders from around the world for COP28, all eyes will be on the country to tackle the challenges resulting from climate change.”

Yazbeck concluded: “In line with the UAE’s sustainability commitments, we are excited to collaborate with Emirates NBD on the SustainTech Accelerator Program. This collaboration will see us empower FinTechs with the latest technologies to create innovative solutions that will support organisations in understanding their environmental footprint and reducing the environmental impact of their operations.”

The DFM-listed bank recently revealed that it witnessed a 34% growth in lending facilities for small and medium enterprises (SMEs) in the UAE.