Emirates NBD Group Makes Strategic Equity Investment in Climate Fintech Startup Erguvan
Emirates NBD, a leading financial institution in the UAE, has announced its investment in Erguvan, a climate and financial technology venture. The investment was made through Deniz Ventures, an investment fund launched by DenizBank A.S., and falls under the umbrella of the Emirates NBD Innovation Fund. This fund was created to enable strategic investments in FinTech, SustainTech, and Tech companies and startups across Emirates NBD’s key markets, including Türkiye.
Established in 2022, Erguvan aims to drive progress in the field of climate change. The company offers a digital carbon credit trading platform called Erguvan Marketplace, which is Türkiye’s first and only environmental commodities marketplace. In addition, they provide modular carbon footprint management solutions through the Erguvan Climate Action Platform, which integrates via an API-based solution.
Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital at Emirates NBD, expressed the institution’s commitment to sustainability and their excitement about the investment in Erguvan. They aim to set a global benchmark for technology-driven Environmental, Social, and Governance (ESG) solutions. Makin believes that investments like these bring them closer to achieving their aspirations.
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, also highlighted the significance of the investment in Erguvan. It marks a milestone in their sustainability journey and demonstrates their dedication to integrating ESG in their strategy and investment decisions. Bains believes that this partnership will provide powerful tools to assess environmental impact, enhance sustainability strategies, and manage carbon footprint for both Emirates NBD and their clients.
Emirates NBD Group is an Associate Pathway Partner for the upcoming United Nations Climate Change Conference (COP28) in Dubai, UAE. They are actively contributing to the UAE’s sustainability agenda and have signed the UAE Climate-Responsible Companies Pledge in support of the UAE’s Net Zero 2050 Initiative.
Overall, this investment in Erguvan showcases Emirates NBD’s commitment to sustainability and their ambition to leverage cutting-edge innovation to tackle global energy challenges.
Featured image credit: Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital, Emirates NBD and Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD
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