Dubai’s Emirates NBD has announced it has invested in a Turkish fintech that helps companies manage the impact and risks of climate change.
Erguvan, a climate and financial technology venture, was established in 2022 with the objective of driving progress in the field by providing digital infrastructure to financial institutions and corporations.
While the bank did not reveal the amount of the investment it said that it was made via Deniz Ventures, an investment fund launched by DenizBank A.S., under the umbrella of Emirates NBD Innovation Fund, the Corporate Venture Capital arm of Emirates NBD Group.
The Group-wide fund was created to enable investments in strategically relevant FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets, including Türkiye.
In addition to Erguvan Marketplace, which is said to be Türkiye’s first and only environmental commodities marketplace, the company also offers modular carbon footprint management solutions under the Erguvan Climate Action Platform. The integrates through an API-based solution.
Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital at Emirates NBD, said, “Sustainability is increasingly becoming a core part of our strategy, and we are delighted to announce our investment in Erguvan, a climate fintech venture, which is Türkiye’s first digital carbon credit trading platform. As one of UAE’s leading financial institutions, we are looking to set a global benchmark for technology-driven ESG solutions, and such investments through our Innovation Fund bring us one step closer to achieving our aspirations.”
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, added, “Our partnership with Erguvan gives us access to powerful tools that will help assess environmental impact, enhance our sustainability strategies, as well as manage carbon footprint for us and our clients.”
Emirates NBD Group is an Associate Pathway Partner for the 28th edition of the United Nations Climate Change Conference (COP28), being held in November this year in Dubai. The Group was also among the latest cohort to sign the UAE Climate-Responsible Companies Pledge initiated by the UAE Ministry of Climate Change and Environment, in support of the UAE’s Net Zero 2050 Initiative.
