1. What's your perspective on the global development of sustainable finance and innovation? What specific trends do you see that will shape the future of its adoption?

"Sustainable finance and innovation are pivotal aspects in addressing the pressing environmental and social challenges of our time. I firmly believe that sustainable finance is on a trajectory globally, driven by several key trends that are shaping its future adoption.

First, we see the integration of Environmental, Social, and Governance (ESG) factors into business decisions, creating a more comprehensive approach to sustainability. Second, the rise of green bonds and impact investing underscores the financial sector's commitment to projects with positive social and environmental impacts.

Moreover, regulatory initiatives, such as tax incentives for green investments and mandatory ESG reporting, are propelling sustainable finance. Technological advancements, including fintech, blockchain, and AI, are enhancing transparency and accessibility. Lastly, a growing consumer demand for values-aligned businesses is pushing companies to adopt sustainable practices."

 

2. How is Commercial Bank of Dubai shaping the future of UAE with sustainable finance and innovation? 

"Commercial Bank of Dubai (CBD) is playing a key role in shaping the UAE’s future through its commitment to sustainable finance and innovation. 

Our robust sustainable finance framework is not just a policy; it's a pledge that guides our lending and investment decisions, ensuring a positive impact on the environment and society. Moreover, our issuance of our inaugural green bond earlier in 2023 signifies our deep commitment to sustainability, setting a pioneering precedent in the region.

We also invest heavily in cutting-edge technology to enhance operational efficiency, reduce our carbon footprint, and offer innovative digital banking solutions. Collaborating with local and international organizations, we drive sustainable initiatives in the UAE, fostering a collaborative approach to sustainable development.

Lastly, we actively educate our clients and the community about the benefits of sustainable finance, contributing to a broader understanding of its importance. For CBD, it's not just about banking; it's about building a better, more sustainable future, supporting the transition to an inclusive, net-zero economy, and fully supporting the UAE's 2050 ambitions."

 

3. What is the value proposition for Commercial Bank of Dubai in the region? How would businesses benefit from it in the long run?

“As the Bank that backs the nation’s ambition, CBD’s value proposition is comprehensive. 

As the UAE transitions to a lower carbon economy, we offer financial stability and a solid track record, ensuring that our clients can rely on our support through both prosperous and challenging times.

We provide access to capital, expertise, and networks within the business ecosystem. CBD also serves as an innovation hub, fostering creativity and technological advancement, which is essential for both individuals and businesses to stay competitive.

We understand the importance of community engagement and sustainability. Our commitment aligns seamlessly with businesses' corporate social responsibility (CSR) goals, enhancing their reputation and social impact. We also have a long-term vision focused on a sustainable and prosperous UAE, ensuring that businesses partnering with us are well-positioned for sustained success in the region.”

 

4. What, in your opinion, are the primary challenges obstructing sustainable finance and innovation in the MENA region, and how can they be overcome?

 “The MENA region faces unique challenges on the path to advancing sustainable finance and innovation, and it's important to address them strategically. One significant challenge is the lack of awareness among many businesses and investors regarding the benefits of sustainable finance.

To overcome this, we need comprehensive educational campaigns and advocacy efforts to raise awareness. Additionally, the establishment of clear and supportive regulatory frameworks is crucial for sustainable finance to thrive. Governments can play a pivotal role in creating an enabling environment.

Furthermore, addressing the perception of risk associated with sustainable investments requires showcasing their financial and non-financial returns.

Finally, improved ESG data and reporting standards are essential for informed decision-making. Collaboration between businesses, regulators, technology companies, FinTechs, ClimateTechs and NGOs can significantly enhance transparency in this regard. By addressing these challenges, the MENA region can unlock the full potential of sustainable finance and innovation."