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Emirates Global Aluminum, the UAE’s largest industrial company outside of oil and gas, has opened sustainable corporate bank accounts with Citibank and Standard Chartered.
EGA was one of the first institutions in the region to select accounts that secure cash balances for funding or refinancing sustainable development progress elsewhere in the economy.
EGA uses interest-bearing accounts to pay for day-to-day and other short-term operations.
Zouhir Regragui, Chief Financial Officer, Emirates Global Aluminum, added: “The aluminum produced by EGA plays a key role in the development of a sustainable society around the world. From focusing on decarbonisation to publicly reporting our sustainability progress. Ensuring we have cash balances in the bank also contributes to greater sustainability across the economy, which is in line with the overall direction of the EGA.”
Sustainable Deposit Solutions
Citi’s Sustainable Deposit Solutions is designed to help corporate treasury and treasury departments invest excess cash in deposit accounts designed to support the financing of environmental and social projects, such as renewable energy, energy efficiency, sustainable transportation, green buildings, and expanding access to Access to affordable infrastructure and basic services.
Steven Buonvino, Head of Emerging Markets Corporate and Public Sales, Treasury and Trade Solutions, Citi EMEA, said: “Sustainability is a key strategic priority for our clients and Citi’s deposit strategy is one of the innovative ways we are embedding that commitment. Our Products and services that help our clients advance their sustainability goals by providing sustainable deposit solutions in the UAE.”
Since Standard Chartered first launched sustainable deposit products in 2019, the bank has continued to innovate, launching high-impact sustainable financial products such as sustainable trade finance, ESG structured notes and sustainable savings accounts. Funds in these accounts are referenced to sustainable assets on the bank’s balance sheet. Standard Chartered and industry experts Sustainalytics have developed a green and sustainable product framework that addresses topics such as climate change and financial inclusion.
key catalyst
Mohamed Salama, regional head and managing director of Commercial, Corporate and Institutional Banking for the Middle East and North Africa at Standard Chartered Bank, said: “We believe that the proposition of sustainable development is not limited to financing, but also encompasses the end-to-end needs of the economy and customers. Standard Chartered Bank Having been an important catalyst for the sustainability agenda in the UAE and the MENA region, our engagement spans market leaders and national leaders like EGA, offering a wide range of products and services.”
EGA is the world’s largest producer of “Premium Aluminum”. Aluminum is the base material for everything from wind farms to light electric vehicles. The International Aluminum Institute predicts aluminum demand will grow by 50% to 80% by 2050 as the world moves toward net-zero greenhouse gas emissions.
EGA is the first Middle East-based company to join the Aluminum Stewardship Initiative, which brings together aluminum producers, end users such as Apple and Nespresso, civil society and the public through consultations to determine what is good and sustainable for the aluminum industry. Sustained development performance.
On-site certification
EGA is the first company in the region to receive on-site certification to the Aluminum Stewardship Initiative Performance Standard. EGA’s Jebel Ali and Al Taweelah sites are now certified.
Last year, through a partnership with DEWA, EGA became the first company in the world to commercially produce aluminum using solar energy. Electricity generation accounts for about 60 percent of the global aluminum industry’s emissions. EGA sells this metal under the product name CelestiAL. — trade arab news agency
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