Net Zero commitment
The road to Net Zero is crucial to limit global warming to 1.5° Celsius and minimize its negative impacts on our planet, people, and economy. To help individuals and companies cut emissions, the banking industry has a key role to play in identifying and managing both the risks and opportunities related to climate change.
We are dedicated to integrating ESG principles into our core business strategy to create long-term financial growth and create a more sustainable future for all. This is why we are thrilled to begin our Net Zero journey by making a commitment that also aligns with the UAE’s vision for complete decarbonization by 2050.
This is the first step among many, and you can read more about our upcoming plans for this journey here.
RAKBANK commitment
Commit to Net Zero in our banking operations by 2030
GHG Emissions
To reduce our GHG emissions, we have undertaken several initiatives over the last few years. We have, amongst others, partnered with RAK Municipality (REEM) to conduct energy audits in the RAKBANK headquarter buildings in RAK and identify potential opportunities to save on energy consumption.
This initiative is in line with the RAK Energy Efficiency and Renewable Energy Strategy 2040 and Resolution no. 15 of 2018, which targets 20% savings in energy consumption by 2023.
Our efforts have led to the following changes:
- Replacement of existing fluorescent lamps to energy-efficient LED lamps
- Installation of luminance sensors in the office space
- Installation of transparent roof in the warehouse to harvest daylight
- Installation of Chiller Plant Optimization
- Effected HVAC optimization with VFD controls
Water
Water, a crucial natural resource, is in limited supply in numerous regions worldwide, underscoring the significance of its preservation. The UAE stands among the top countries facing water shortages globally, and the challenge is anticipated to intensify due to the impacts of climate change. In light of this, we are dedicated to preserving water resources and have implemented the following measures within our premises to contribute to this crucial conservation endeavor:
- Installed Dual Flush system
- Installed urinal sensors
- All wash basin faucets are operated by sensors
Furthermore, we have installed in our RAKBANK HQ - Ras Al Khaimah premises, a grey water treatment plant that recycles 674,325 gallons of water each year. The treated water is used for toilet/urinal flushing.
Waste
Waste is a major contributor to global greenhouse gas emissions and as such, we must all do our part to reduce the amount of waste we produce and aim to recycle when possible.
We have an ongoing partnership with Shred-It, one of the largest document destruction providers in the world, that offers compliance-based solutions to help protect people and brands and safeguard the environment. Currently, we have a total of 79 Shred-It recycling boxes across our premises in Dubai and Ras Al Khaimah. We recycle, on average, around 25,000 Kgs per quarter with over 30,000 Kgs of paper being recycled in Q3 alone. We are pleased to have recycled more paper in 2022 than the Bank consumed.
In our efforts toward sustainability, we have initiated a new circular economy project for the retrofitting of our RAKBANK Corporate Office Dubai. This initiative centers around the utilization of sustainable materials and the incorporation of light and control sensors. As part of this endeavor, we have removed individual waste bins from under each desk, opting instead for centralized waste bins.
Next steps
We have already taken several steps to reduce our carbon footprint and in conjunction with our Net Zero commitment, we are aiming to further advance this journey.
To achieve our goal, we plan to take necessary steps, which might include, but are not limited to the following:
- Measure baseline emissions
- Develop Net Zero action plan for our banking operations
- Set emission reduction targets
- Develop business strategies to achieve those targets
- Engage with customers
- Incorporate ESG as part of vendor sourcing