Masreq Bank

Masreq Bank's reported carbon emissions

Mashreq Bank, headquartered in the UAE and operating in financial intermediation services, has reported its greenhouse gas emissions for several years. In 2024, the bank's total reported emissions were approximately 112.4 million kg CO2e. This figure comprises Scope 1 emissions of about 7.3 million kg CO2e, Scope 2 emissions of roughly 13.1 million kg CO2e, and Scope 3 emissions totalling approximately 98.3 million kg CO2e. The most significant contributor to its Scope 3 emissions in 2024 was purchased goods and services, accounting for about 46.1 million kg CO2e, followed by downstream leased assets at approximately 28.9 million kg CO2e. In 2023, Mashreq Bank's total emissions were approximately 70.9 million kg CO2e. This included Scope 1 emissions of about 3.0 million kg CO2e, Scope 2 emissions of approximately 12.5 million kg CO2e, and Scope 3 emissions of around 53.0 million kg CO2e. For that year, purchased goods and services were the largest component of Scope 3 emissions, at roughly 23.5 million kg CO2e, with downstream leased assets contributing approximately 14.5 million kg CO2e. Mashreq Bank has established several climate commitments. It aims to reduce its Scope 1 and Scope 2 emissions by 30% from 2023 levels by 2025. Additionally, the bank has set a longer-term target to reduce its Scope 1 and Scope 2 emissions by 30% by 2030, using 2023 as a baseline. In alignment with the UAE's net-zero strategy, Mashreq Bank is striving for a net-zero economy by 2050. The bank's reporting indicates a commitment to transparency, with disclosed data for Scopes 1, 2, and 3.