Commercial Bank of Dubai (CBD) and Visa sign Memorandum of Understanding on Sustainability Initiatives

Commercial Bank of Dubai (CBD) and Visa sign Memorandum of Understanding on Sustainability Initiatives

Dubai, 14 December 2023:

Commercial Bank of Dubai (CBD), one of the UAE's leading national banks, is proud to reaffirm its commitment to a sustainable future by signing a Memorandum of Understanding (MoU) with Visa, a world leader in digital payments. The MoU is the next step in a long-held partnership between CBD and Visa. By signing the MoU both parties have committed to future collaboration on sustainable initiatives with the ultimate objective to provide enhanced sustainability, and 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. This is seen as a key enabler in both the provision of consumer education whilst also providing customers with a means to reduce their carbon footprint.

Khaled Al Hammadi, General Manager of the Personal Banking Group at Commercial Bank of Dubai, stated, " 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.'

Othman Bin Hendi, Chief Sustainability Officer at CBD commented, "2023 has been transformational for CBD in its sustainability journey. The launch of our inaugural Green Bond followed by the public commitment to achieving Carbon Neutrality in our operations' greenhouse gas emissions by 2030, underscores our dedication. This announcement marks another milestone as we actively contribute to the national net-zero target by 2050."

"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. We are delighted to support our partners like CBD in meeting this demand and helping our cardholders make every transaction a step towards a greener future," said Salima Gutieva, Visa's VP and Country Manager for UAE.

CBD is committed to supporting impactful and purpose-driven global environmental challenges. In 2022, the bank introduced its Environmental, Social, and Governance (ESG) strategy.