{"id":324833,"date":"2022-03-08T15:03:19","date_gmt":"2022-03-08T15:03:19","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324833"},"modified":"2022-03-11T10:11:20","modified_gmt":"2022-03-11T10:11:20","slug":"cib-issues-1st-ecological-footprint-report-in-africa","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/03\/08\/cib-issues-1st-ecological-footprint-report-in-africa\/","title":{"rendered":"CIB issues 1st Ecological Footprint report in Africa"},"content":{"rendered":"<div class=\"content-wrap text-light-black text-justify\">\n<p class=\"p1\"><span class=\"s1\">The Commercial International Bank (CIB) \u2013 Egypt has issued the first Ecological Footprint report in Africa, aiming to support the state\u2019s transition to a green economy. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The report is an important milestone in the CIB\u2019s journey to make the Egyptian economy more eco-friendly and promote the role of banks and corporate entities in taking accountability for their environmental impact and addressing climate change challenges and solutions. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The report is proof of the bank\u2019s intention to go beyond standard carbon footprint reporting and transition to integrated environmental reporting, evolving from carbon to ecological. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It serves as a broad and dynamic framework for different types of impact categories. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The three key impact categories the report focuses on are land footprint (total amount of land use to provide resources), carbon footprint (total amount of greenhouse gas emissions \u2014 GHGs), and water footprint (total amount of directly and indirectly consumed water, including water pollution impact). This type of analysis and reporting is a more comprehensive approach to sustainability that involves assessing an entity\u2019s overall impact on the environment.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThe shift from carbon footprint reporting to the more comprehensive ecological footprint reporting offers a host of benefits,\u201d said Mohamed Sultan, the CIB\u2019s Chief Operating Officer. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cUsing a single index facilitates communication and understanding and allows easy comparison and assessment of different goods, activities, and services. It also creates a link between local and global consumption and renders sustainability and the relationship between different impacts capable of being assessed and explored. Values are now based on ecological realities instead of arbitrary weightings.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cWe hope that this report will help us transition to a more comprehensive and integrated form of environmental reporting,\u201d said Dalia Abdel Kader, the CIB\u2019s CSO. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThis report is the culmination of previous experiences and development in ESG data management, and it intends to assess, in the most transparent manner possible, our impact on the environment using internationally recognized standards and methodologies.\u201d <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Since 2015, CIB has consistently disclosed its ESG performance to stakeholders. Reporting has shown the significance of accurate and reliable information for making sound decisions, managing risks, and improving its impact. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In 2017, the bank conducted its first Carbon Footprint Report, which extended to all of the bank\u2019s branches in 2018. Since then, CIB has become a signatory to multiple initiatives, such as the Net-Zero Banking Alliance and Principles for Responsible Banking, and it has disclosed performance to the CDP in line with the TCFD\u2019s requirements.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The release of this report is the latest in CIB\u2019s environmental sustainability efforts, which include the establishment of a sustainable finance department that is responsible for centring sustainability as a core business strategy and providing a solid platform for the integration of sustainability and environmental, social, and governance (ESG) principles across the bank\u2019s functions; the issuance of Egypt\u2019s first private sector green bond; and becoming a signatory of the Net Zero Banking Alliance, thus committing to net-zero emissions from its lending and investment portfolio by 2050.<\/span><\/p>\n<\/div>\n<div class=\"h4 text-sans-serif tags\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Commercial International Bank (CIB) \u2013 Egypt has issued the first Ecological Footprint report in Africa, aiming to support the state\u2019s transition to a green economy.<\/p>\n","protected":false},"author":4,"featured_media":320003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[310],"class_list":["post-324833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-commercial-international-bank-cib"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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