Emirates NBD, one of the leading banking groups in the Middle East, North Africa, and Türkiye (MENAT) region, has released its first independent Emirates NBD Group 2024 IFRS S1 and S2 report (ISSB Report). The report, covering the financial year ending 31 December 2024, provides assurance of financed emissions and includes comprehensive sustainability-related and climate-related financial disclosures for the Group and its subsidiaries.
The publication aligns with the International Sustainability Standards Board (ISSB) guidelines introduced in June 2023. The ISSB’s IFRS S1 framework sets disclosure requirements for sustainability-related risks and opportunities, while IFRS S2 outlines specific climate-related disclosures, both of which aim to standardise sustainability reporting in global capital markets.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, highlighted the significance of the report said, “We are proud to be the first bank in the MENA region to publish an ISSB-compliant report, setting a precedent for sustainability reporting. This milestone enhances customer trust and investor confidence in our sustainability practices while strengthening our brand reputation.”
Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, added, “The launch of our first independent ISSB report is a landmark moment in our sustainability journey. Emirates NBD continues to embed sustainability goals into daily operations and long-term strategy, reinforcing our commitment to sustainable economic progress while upholding the highest standards of governance and transparency.”
Manoj Chawla, Group Chief Risk Officer at Emirates NBD, emphasised the growing importance of accountability in a shifting financial landscape, “As sustainability disclosures become increasingly critical, our latest report reaffirms our commitment to responsible banking. By enhancing transparency and integrating sustainability into our risk management framework, we aim to drive positive impact across all stakeholders.”
The ISSB was established by the IFRS Foundation in 2021 during COP26 in Glasgow, following strong market demand for enhanced sustainability disclosure standards. Developed with input from global bodies including the G20, the Financial Stability Board, and the International Organization of Securities Commissions (IOSCO), the ISSB standards are designed to ensure that companies report sustainability-related information alongside financial statements.
With a globally applicable framework, the ISSB standards provide a unified baseline for sustainability reporting, allowing organisations like Emirates NBD to align financial strategies with long-term environmental, social, and governance (ESG) goals.
