The Banking Executive Magazine - February 2023 Issue

Transition To Net-Zero TRANSITION TO NET-ZERO IT IS TIME FOR BANKS TO TAKE IT MORE SERIOUSLY INTRODUCTION With rising climate hazards and dis- asters in the world, including earth- quakes and floods, it is time for banks around the world, including all Arab banks, to take the transition to net-zero more seriously. This article traces the path for the transition to net-zero for Arab banks and urges the need to put a serious climate strategy that can help and support coping with natural disasters and climate change. The article overviews the concept of net zero, and highlights the impor- tant role that banks can play in the transition to net zero, knowing that this transition requires a global ac- tion. Net zero regulations are briefly overviewed, and the various steps and the best practices for the transi- tion towards net zero are presented. The article concludes with the World Economic Forum call to honour the net zero pledge by 2050 and with the BANKING EXECUTIVE 30 ISSUE 170 FEBRUARY 2023