Business Chief ME+AFRICA Magazine November 2023 | Page 91

Shargiil Bashir

TITLE : CHIEF SUSTAINABILITY OFFICER COMPANY : FIRST ABU DHABI BANK ( FAB )
EXECUTIVE BIO
Credited with being a Middle
East LinkedIn Top Voice Green , seasoned banker and CSO Shargiil has led FAB ’ s ESG efforts for the last three years , establishing a new division and strategy for sustainability . Under his leadership , FAB joined the UN-convened Net-Zero Banking Alliance as the first bank in the GCC to make a net-zero commitment by 2050 , was awarded the Best Bank in ESG in the UAE in 2022 – and with a target of US $ 75 billion in green financing from 2022-2030 , FAB is set to be a strategic enabler of the UAE ’ s sustainable future .
( FAB ) – the UAE ’ s largest by assets and the first in the MENA region to issue a public green bond in March 2022 . FAB aims to disburse US $ 75 billion in green finance by 2030 , and facilitated US $ 9 billion of sustainable projects last year alone .
Shargiil Bashir is the EVP and Chief Sustainability Officer at FAB , and he believes every CEO should be taking green finance seriously .
“ Green finance is or should be an active concern to CEOs , given its potential to significantly impact a company ’ s financial performance , its access to capital , risk management , sustainability goals , reputation , regulatory compliance and stakeholder relationships ,” Bashir tells Business Chief .
“ If we focus on sustainability goals , green finance directly aligns with these targets and it is every CEO ’ s responsibility to ensure that their companies are on track to meet these goals .”
Bashir highlights five key reasons why green finance is good for business : improving environmental performance , meeting investor and stakeholder expectations , risk management , regulatory compliance , and access to capital .
Jose Maria Ortiz , is co-CEO and Head of Impact Investing at The Palladium Group – a global impact firm that works with corporations , governments , investors , communities and civil society in 90 countries , and has corporate offices in Dubai , Riyadh , Nairobi and Abuja .
“ CEOs should be delighted with the opportunity to tap into these resources to finance growth and transformation of their companies ,” says Ortiz .
“ Now , CEOs can prepare interventions to decarbonise their value chain , launch new products and services that appeal to the green finance market , launch new facilities , and tap into cheaper capital .
“ Only CEOs that work in highly polluting industries and do not have the imagination or the capacity to launch green initiatives should be worried about
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