Sustainability is a key focus for leading financial institutions today, with the global financial architecture being redefined around its foundations. As always, CIB is at the heart of these changes and challenges and is an internationally recognised frontrunner in this rapidly evolving, forward-thinking field. This enlightened approach is rooted in a solid foundation based on both a clear outlook and pragmatic action. As a result, embracing sustainability is becoming an increasingly integral part of the Bank’s policies, practices, culture and mindset as well as CIB’s vision and mission statements.
CIB’s thinking, course of action and promising green journey of transformation and change are closely aligned with the 2030 Global Sustainable Development Agenda and the 16 Sustainable Development Goals (SDGs) and 169 associated targets. They are also in line with Egypt’s 2030 Agenda, with the underlying focus being to advance a sustainable and climate-resilient future.
It is worth noting that CIB has spent EGP 250 million and counting on its sustainability initiatives, reaping several prestigious awards and global acclamations along the way.
The Bank’s Sustainability Advisory Board was set up to oversee, approve and monitor all sustainability strategies, initiatives and projects. Concentrating on long-term value drivers that advance the twin objective of the Bank’s sustained success in addition to the well-being and betterment of society, the board is one of the fundamental pillars of CIB’s sustainability agenda.
Affordable & Clean Energy (SDG #7) and Sustainable Cities & Communities (SDG #11)
CIB understands the importance of acting responsibly and efficiently with regards to energy usage. By adjusting several of the Bank’s energy systems and following a sustainable energy strategy, CIB was able to save over 3 million KWs of energy equivalent to providing lighting to over 1 million small homes in Egypt. Amount saved is only over Greater Cairo branches over 2016. This was achieved by the following:
- CIB employs various clean energy systems around its premises and offices.
- LED lamps were replaced bank wide, with calculated savings from the project in KW at 40% of post-usage figures as per accreditation of the Electricity and Renewable Energy Ministry.
- CIB has over 180 branches and six head offices all over Egypt. The magnitude of LED consumption around the bank’s premises, marketing of the financial benefits and the country’s energy shortage dilemma all sparked high demand on the LED requisition. Subsequently, different consumers shifted to LED and suppliers reduced prices due to the high demand. CIB installed three solar grid-tied stations over its standalone buildings, feeding in 20% of the buildings’ electricity.
- CIB operates 35 solar water heaters and switches off the electric water heaters throughout the long summer months.
- The Bank’s energy-saving initiative not only directly aligns with national plans to improve energy efficiency but is regarded as a competent tool for better management and resource saving. Other financial and non-financial institutions followed suit, making CIB one of the pillars supporting the “Affordable and Clean Energy” SDG.
- CIB has taken significant strides to protect the environment by conforming to green construction standards while accommodating staff members and customers – foundational pillars of the Bank’s mission and vision.
- CIB built and renovated several of its properties to meet international green construction standards and ensure better air circulation mechanisms. Natural plants and green walls have been installed at branches and offices to curtail the dissemination of inessential emissions. Green initiatives are sustained through regular audits from the Ministries of Environment and Housing.
Reduced Inequalities (SDG #10)
CIB sees financial inclusion of non-banking users as one of its priorities and thus, mitigating our standard operations and services to accommodate all is a necessity:
- As part of CIB’s efforts to give back to members of our society most in need, CIB organised awareness sessions for its staff members on communication with their colleagues with physical and mental disabilities.
- CIB also installed the first ATM for the visually impaired in Egypt. After its successful and well received launch, the Bank was encouraged to introduce similar mechanisms all over Egypt to advocate for accessibility.
Climate Action (SDG #13)
- CIB is the first Egyptian financial entity developing a carbon footprint inventory for its premises. Collaborating with a top-rated international consultancy agency, we are addressing sustainability issues in a robust and comprehensive way, positioning our organisation as a leader in the Egyptian market. The development of a carbon inventory is seen as one of the most valuable tools for the identification of internal actions and measures that can uncover cost-saving opportunities and help improve the bottom line. Our results, environmental policy and projected action plan can be explicitly reviewed in the Bank’s 2016 Sustainability Report. These requirements and findings are fundamental for Egypt’s 2018 climate change strategy, in line with the Paris Agreement.
- CIB approved the activation of mobile application Carpooling Ray’eh. The ride-sharing app not only has numerous social benefits, but has the additional advantage of reducing the number of cars on the road and thereby quelling emissions of CO2 and other harmful pollutants.
Life on Land (SDG #15)
- CIB firmly believes that the interrelated concepts of waste management, recycling and changing habits in the workplace save life on land. Consequently, the Bank has anchored the basics of waste deployment throughout its premises.
- CIB managed to decrease its paper consumption and requisition by up to 20% in 2016 compared to 2015, despite an increase in its branch network and headcount.
- CIBians were encouraged to participate in the recycling initiative and used the segregating bins efficiently. As a result, different waste items, especially paper, were sold to recycling outlets and the generated funds were credited to the CIB Foundation’s account. CIB saved over 6 million sheets of paper, the equivalent of 306 trees, 126, 218 gallons of water and 287, 425 CO2 emissions.
Partnership for the Goals (SDG #17)
- Sharing our practices and experience with external stakeholders is a source of motivation, recognition, operational efficiency and continuous development. CIB partners with different communities and institutions to generate solutions, striving to be a model of excellence.
- The 2015 Sustainability Report was developed and published in June 2016. The report’s architecture followed GRI G4 guidelines. The report was used as a prototype for other banks and financial organisations. Furthermore, the Egyptian Stock Authority (EGX) communicated its interest to follow suit and develop its first Sustainability Report in 2017.
- CIB was the first financial institution in the Middle East to join the assessment exercise of the Dow Jones Sustainability Index 2016. Through successful data collection and cross-functional analytics, CIB managed to rank 79 out of 131 Participating banks. CIB is positioned with the likes of Wells Fargo & Commerzbank and is working to improve its global sustainability ranking in 2017.
- CIB is the only Egyptian bank recognised in the FTSE4 Good Index 2016 Index, key evidence that CIB supports human rights, maintains good relations with its stakeholders, ensures positive labour standards, maintains anti-bribery and corruption benchmarks and is environmentally sustainable.
- CIB is the first and only bank in Egypt to join the United Nations Environment Programme Finance Initiative (UNEP FI) through signing the UNEP FI Statement of Commitment on Sustainable Development. CIB will assume the role of UNEP FI’s Sustainability Champion nationally and regionally. More information is available in the Credit & Investment Exposure Management segment.