COP28 It provided a forum for banks, insurers, investors, policy makers and private sector organizations to discuss decarbonization in detail. One of the key topics was the implementation of policies and best practices for managing sustainability risks in the financial sector. New best practices are gaining traction. green leisure approach This will help you achieve your sustainability goals, and one of the organizations leading the way is united arab bank (UAB).
Thanks to our ongoing digital transformation efforts, the bank is better able to serve its customers and employees, while also preparing to adopt SAP’s Carbon Accounting methodology with continuous measurement and reporting of green data. Masu.
Unveiling the bank’s digitalization strategy at the COP28 Sustainable Finance Forum in Dubai, UAB Chief Executive Officer Shirish Beed said: “To keep up with new technologies, we are improving our IT environment. It was important to move the data to the cloud.” “This move sets us up to leverage the sustainability metrics and analytics built into SAP solutions and lay the foundation for a green ledger approach.”
SAP and United Arab Bank, financing the green economy.
SAP
Based in the United Arab Emirates (UAE), UAB is a mid-sized financial solutions provider offering tailored financial services in both corporate and retail banking. The bank modernizes its IT infrastructure by leveraging: Launch in SAP Hosted on AWS, supporting environmental and employee sustainability goals.
Financing the green economy
Banks not only allocate funds to the functioning of the economy, they also play an important role in shaping a greener economy. By channeling private investment into the transition to a climate-neutral, resource-efficient and fair economy, we can align sustainable finance with the real economy.
by United Nations Climate Finance Framework, Private sector finance is the largest source of financing for climate action, especially mitigation. But you can’t mitigate what you can’t measure.
To enable companies to manage sustainability business data from the bottom up with real data at the transactional level, SAP provides systems that are as auditable, transparent, and reliable as the systems that measure financial data. We have developed an accounting system for emissions data. This data is essential for looking holistically across the value chain to understand where emissions are coming from, setting accurate net-zero targets and identifying specific areas affected by decarbonisation. .
“SAP is at the heart of what we do,” says Bide. “As a responsible corporate citizen, United Arab Bank prioritizes driving positive change in the communities we serve and increasing our contribution to the Sustainable Development Goals. Our efforts have positioned us to solidify our position and make a significant positive contribution to 2023, the UAE’s Year of Sustainability.”
UAB believes that managing ESG risks and advancing a strong sustainability agenda contributes to long-term value creation for our stakeholders, our business and the economy as a whole. To meet this challenge, the company developed a sustainability framework to clarify and disclose its efforts to stakeholders.
carbon considerations
UAB puts sustainability at the center of everything we do, whether in our people, processes or portfolio. The company sees itself as a consultant that helps customers develop their own sustainability strategies. But before banks become enablers, they strive to be examples.
For example, moving to the cloud on AWS allows UAB to retire many servers, which reduces energy consumption and automatically reduces emissions.
“For us, it’s important to take our customers on this journey. We strive to educate our customers every time we meet them. It’s a long-term commitment, but from 0 to 100 I’m a big fan of baby steps because there are 99 steps. For me, every step forward is big,” Bide said, adding that UAB’s commitment to accelerate digitalization to become more sustainable summarizes the philosophy of
The transition to a greener economy requires large-scale changes across all systems, including not just IT systems but manufacturing, food production, and energy, all of which must be financed.
“We know our customers want to do the right thing, but they often don’t know where to start. We want them to look at their product portfolio and understand where their suppliers source their materials. We can help you examine your production and transportation processes to identify ways to start reducing your carbon footprint. We help them identify the steps they should take to reduce their carbon footprint, no matter how small,” he explained.
UAB also invested in new enterprise resource planning (ERP), human capital management (HCM), and customer relationship management (CRM) systems from SAP to eliminate non-value-added tasks and free up staff to meet customer needs. This allows us to focus on responding to UAB will also strengthen its procurement capabilities. By implementing SAP Signature Management with SAP Ariba and DocuSign, UAB can benefit from digitizing and automating its procurement processes and reduce paper waste by up to 80%.
Sergio Maccotta, Senior Vice President, Middle East and Southern Africa, SAP commented: “By expanding our existing relationship with SAP and embracing cloud computing, UAB is future-proofing its business operations to be agile and responsive to market changes. It lays the foundation for adopting solutions that can collect, analyze, and report on ESG goals. We believe companies in our industry need to adopt cloud solutions.”
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