5:07 am - September 2, 2025
Emirates NBD has made a historic move by becoming the first bank from the Gulf Cooperation Council to join the Sustainable Markets Initiative’s Financial Services Task Force, positioning itself at the forefront of climate-positive banking practices in the region and globally.
Emirates NBD has made quite a notable move in the realm of sustainable finance—actually, it’s quite a first for a bank from the Gulf Cooperation Council (GCC). They’ve become the inaugural GCC bank to join the Sustainable Markets Initiative’s (SMI) Financial Services Task Force. This certainly puts the Dubai-headquartered bank at the cutting edge of pushing forward climate-positive investment and banking practices; not just regionally in MENAT but on a broader, global scale too.
Now, the Financial Services Task Force, which is led by C.S. Venkatakrishnan, who is also the Group CEO at Barclays, is basically a group of top banking executives from around the world. Their main goal? Mobilising large amounts of capital for projects that benefit climate and nature. They’re all about speeding up investments aimed at hitting net-zero emissions. They do this by establishing common principles, standard methods, and promoting innovative financial tools like nature-based solutions. Under Venkatakrishnan’s leadership, they’ve even developed handy resources such as the Net Zero Practitioner’s Guide—helpful tools that banks can use to adopt consistent, transparent strategies when shifting their clients and portfolios toward net-zero.
This move by Emirates NBD is a pretty landmark moment for sustainable finance efforts in the Gulf — actually, it really underscores how MENAT financial institutions are increasingly involved in ESG initiatives worldwide. Shayne Nelson, who’s the Group Chief Executive, pointed out that sustainability is now a core part of the bank’s culture and strategic vision. He went on to say that their solid ESG track record was a key reason they were able to join the task force. Nelson also believes that their involvement will help boost collective industry efforts to tackle urgent climate and biodiversity issues.
Vijay Bains, the bank’s Chief Sustainability Officer and Group Head of ESG, explained that their approach to sustainability is quite comprehensive. Their commitments go beyond just mitigating climate risk—they’re also about governance reforms and creating inclusive, low-carbon financial products that involve a broad set of stakeholders. This includes employees, customers, investors, and local communities. Interestingly enough, this kind of broad engagement reveals a rising awareness within the UAE about weaving sustainability into economic policies and corporate governance, which is promising to see.
A little background— the Sustainable Markets Initiative was actually launched back in 2020 by His Majesty King Charles III, back then still the Prince of Wales. It aimed to bring together private sector leaders and governments to accelerate the transition to a sustainable economy. Alongside the Financial Services Task Force, the initiative also includes other groups like asset managers and investors focused on channeling institutional capital towards low-carbon, climate-resilient investments. These efforts are crucial—they aim to unlock trillions of dollars needed for a sustainable future, highlighting just how high the stakes are on the global financial stage.
In this context, Emirates NBD’s participation signals the GCC’s rising role in global sustainable finance, especially in areas like infrastructure investment and developing innovative climate-aligned financial products. It also responds to the increasing investor appetite for transparent climate commitments and responsible banking practices. All this lines up with the UAE’s broader ambitions to embed sustainability deeply into its economic development plans and regulatory frameworks. Essentially, the region seems to be shifting from traditional finance models toward ones that prioritize environmental stewardship—an encouraging development.
Experts in the industry emphasize that developing standardized transition methods and gaining expertise in nature-based finance will be crucial as banks worldwide come under mounting pressure to deliver credible, measurable ESG impacts. Emirates NBD’s inclusion in this influential group gives it a valuable platform to shape evolving global standards, bringing a fresh regional perspective to conversations often dominated by Western financial hubs—something that’s quite significant.
Of course, while joining the task force is an important step, the real challenge will be maintaining transparency and showing tangible progress. As regulations tighten and stakeholder expectations grow, Emirates NBD and its peers need to go beyond just good intentions—they need concrete, measurable strategies that deliver real environmental benefits. Still, their proactive stance on sustainability indicates a major shift in the GCC’s financial landscape, one that’s getting ready for the opportunities and hurdles of a low-carbon future.
Source: Noah Wire Services
- https://thearabianpost.com/emirates-nbd-first-gcc-bank-in-global-sustainability-task-force/ – Please view link – unable to able to access data
- https://www.emiratesnbd.com/en/media-center/emirates-nbd-joins-sustainable-markets-initiative-as-first-gcc-member-of-its-financial-services – Emirates NBD has become the first bank from the GCC to join the Sustainable Markets Initiative’s Financial Services Task Force. This collaboration aims to mobilise large-scale capital for climate and nature-positive investments, positioning the Dubai-based lender at the forefront of sustainable finance in the MENAT region. The partnership enables Emirates NBD to collaborate in setting industry-wide standards for environmentally conscious banking, aligning with its commitment to decarbonisation and addressing climate and biodiversity challenges.
- https://www.sustainable-markets.org/taskforces/financial-services-task-force/ – The Financial Services Task Force (FSTF), chaired by C.S. Venkatakrishnan, Group Chief Executive of Barclays, comprises CEOs from across the banking industry. The FSTF is dedicated to accelerating investment, scaling infrastructure, generating climate solutions, and setting common principles to achieve net-zero carbon emissions. Its work includes developing standardised methodologies for the banking sector’s transition and fostering expertise in nature-based financial solutions.
- https://www.sustainable-markets.org/news/barclays-group-chief-executive-c-s-venkatakrishnan-to-lead-the-sustainable-markets-initiative-s-financial-services-task-force/ – C.S. Venkatakrishnan, Group Chief Executive of Barclays, has been appointed as the new Chair of the Sustainable Markets Initiative’s Financial Services Task Force. He succeeds Noel Quinn, who led the Task Force since its launch. The Task Force brings together CEOs from the global banking sector to focus on effectively mobilising capital at scale and supporting the transition to net-zero emissions.
- https://www.sustainable-markets.org/taskforces/asset-manager-and-asset-owner-taskforce/ – The Asset Manager and Asset Owner Task Force, comprising executives from leading asset managers and owners, works to accelerate the transition to a low-carbon and climate-resilient economy. At the invitation of King Charles III, when he was The Prince of Wales, these leaders collaborate to develop actionable plans that facilitate the reallocation of capital toward sustainable solutions, aiming to unlock trillions of dollars in institutional capital needed for a sustainable future.
- https://www.sustainable-markets.org/about/g7-to-cop26/ – The Sustainable Markets Initiative (SMI) has been actively involved in global efforts to address climate change, including engagements from the G7 to COP26. The SMI’s Financial Services Task Force has launched a Net Zero Practitioner’s Guide to help the banking industry adopt a consistent and transparent approach to supporting clients’ transition to net-zero emissions. This initiative reflects the SMI’s commitment to driving collective action towards a sustainable future.
- https://newsroom.bankofamerica.com//content/newsroom/press-releases/2021/10/coalition-of-banks-launches-guide-for-industrys-transition-to-net-zero-n.html – A coalition of banks, including Bank of America, has launched a Net Zero Practitioner’s Guide to assist the banking industry in adopting a consistent and transparent approach to supporting clients’ transition to net-zero emissions. The guide compiles current practices from members of the Financial Services Task Force and builds upon the Net-zero Banking Alliance commitment, aiming to provide a unified framework for the industry’s transition to a sustainable future.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative appears to be original, with no substantial matches found in recent publications. The earliest known publication date of similar content is not identified, suggesting a high freshness score. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content does not appear to be recycled or republished across low-quality sites or clickbait networks.
Quotes check
Score:
9
Notes:
The direct quotes from Shayne Nelson and Vijay Bains are not found in earlier material, indicating potentially original or exclusive content. No identical quotes appear in earlier publications, and no variations in quote wording are noted.
Source reliability
Score:
4
Notes:
The narrative originates from The Arabian Post, an obscure, unverifiable, or single-outlet publication, which raises concerns about its reliability. The report does not provide verifiable information about the individuals or organizations mentioned, such as C.S. Venkatakrishnan, Shayne Nelson, and Vijay Bains, making it difficult to assess their credibility.
Plausability check
Score:
7
Notes:
The claims about Emirates NBD joining the Sustainable Markets Initiative’s Financial Services Task Force are plausible and align with the bank’s known commitment to sustainability. However, the lack of coverage by other reputable outlets and the absence of supporting details from other sources raise questions about the narrative’s credibility. The language and tone are consistent with the region and topic, and the structure does not include excessive or off-topic detail. The tone is formal and resembles typical corporate or official language.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative presents plausible claims about Emirates NBD’s involvement in the Sustainable Markets Initiative’s Financial Services Task Force. However, the lack of coverage by other reputable outlets, the reliance on a single, unverifiable source, and the absence of verifiable information about key individuals and organizations mentioned raise significant concerns about its credibility. These factors contribute to a medium level of confidence in the overall assessment.
