ICAEW: Banks and chartered accountants can help accelerate green transition

ICAEW: Banks and chartered accountants can help accelerate green transition

Regional-level alignment on sustainability reporting standards, policy, and taxonomies are needed to support the GCC’s economic transition to achieve net zero carbon emissions by 2050. That was the view of experts gathered for ICAEW’s joint webinar with the UAE Banks Federation (UBF), held virtually last month.

Moderated by Peter Van Veen, Director of Corporate Governance and Stewardship, ICAEW, the discussion centred on the necessary involvement of banks and chartered accountants to help companies and governments tackle climate change and reach sustainability commitments. He was joined by:

- Shargiil Bashir, EVP & Chief Sustainability Officer, First Abu Dhabi Bank

- Vijay Bains, Chief Sustainability Officer, Group Head of ESG, Emirates NBD

- Jonathan Scott, Senior Manager Sustainable Finance, HSBC

- Reuben Wales, Head of Financial Services, ICAEW

The UAE’s upcoming COP28 event, coupled by an increase in stakeholder interest and their willingness to pay a premium for sustainable products, has become a driving force for climate change action and investment. However, according to the panellists, the progress made in reporting is only the start of the ESG journey and international alignment is more important than the speed of its development.

Given the proximity and similarities within the GCC region, the speakers emphasised the opportunity to align legislative frameworks