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UAE’s Mashreq + Fils launch carbon offsetting platform: UAE-based fintech firm Fils signed an agreement with Emirati banking group Mashreq to launch a carbon credit trading platform to help their banking clients slash greenhouse gas footprint, according to a statement. Slated for launch by 1H 2024, the carbon credit offering marks the first of many planned CO2 offsetting products the bank plans to roll out, the statement notes.
The details: The fintech firm’s offering will enable Mashreq’s clients to purchase CO2 offset credits directly using their corporate accounts with the bank, the statement notes. The banking group will not instate a minimum limit on the number of credits a firm can buy, providing fractionalized credits and removing restrictions in conventional voluntary carbon markets, Mashreq notes. Fils’ will use its blockchain technology to verify the carbon offset credits it generates, in efforts to reduce greenwashing concerns and avoid double counting of decarbonization projects.
Unlocking huge potential: Mashreq is capitalizing on the growth of the carbon credits, launching its offering to expand corporate access to carbon credits on the knowledge that 41% of organizations will have to leverage CO2 offsets to meet decarbonisation targets, the statement said.
About Fils:Founded in 2022, Fils is an enterprise-grade, digital platform that provides the underlying infrastructure for financial institutions and other organizations in a bid to launch standalone, sustainability-linked financial products, the statement notes.
REMEMBER- Mashreq is upping its climate finance game with a USD 30 bn green finance pledge: As part of the UAE Banks Federation’s target of mobilizing AED 1 tn (c. USD 272 bn) in green funding by the end of the decade, Emirati banking group Mashreq has committed to allocating AED 110 bn (c. USD 30 bn) for climate financing under its wider Climb2Change initiative, the company’s head of ESG & Corporate Strategy Faisal Al Shimmari told Enterprise Climate last month. The company’s planned funding will be channeled toward adaptation projects including water projects in Egypt, the UAE, Qatar, KSA, and Bahrain.
