Case study: How MCB takes action on its PRB targets: climate and resources efficiency/waste/circular economy

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

MCB actively engages with its key stakeholders through various channels to better understand their needs and effectively address them.

Below are some key consultations and collaborations that have contributed to achieving MCB’s targets:

• Engaged with MCB employees during the impact analysis process and the implementation of the Principles.
• Participated in committees and discussion groups with national authorities and institutions on topics such as climate change, renewable energy, carbon credits, and climate finance.
• Joined working groups and webinars organized by UNEP FI with peer banks to discuss, learn, and advance the implementation of the Principles for Responsible Banking, focusing on climate adaptation, circular economy, climate mitigation, and climate risks.
• Collaborated with IFC to deliver EDGE training to MCB’s clients, promoting green building practices.
• Received technical assistance from recognized international financial institutions to strengthen MCB’s sustainable finance framework.
• Worked with Proparco/DEG, which allocated a USD 120 million credit facility for climate finance, and facilitated training and capacity building on climate adaptation through a consulting firm appointed by Proparco.
• Contributed as a primary reviewer to the ‘Guide for Adaptation and Resilience Finance,’ developed by Standard Chartered Bank and published in April 2024.

What actions were taken by MCB on its PRB targets, climate and resources efficiency/waste/circular economy?

In its 2024 Sustainability Report MCB reports that it took the following actions on its PRB targets, climate and resources efficiency/waste/circular economy:

• SMART Target 1: Climate
• Between February 2023 and June 2024, disbursements totalling MUR 1.961 billion were made for climate mitigation projects across categories such as renewable energy, energy efficiency, green building, pollution prevention and control, and the circular economy.
• The market for climate adaptation remains in its early stages. MCB is referring to the UNEP FI Climate Adaptation Target Setting Guidance 2023 to enhance its approach, establish specific climate adaptation targets, and identify opportunities for adaptation financing.

• SMART Target 2: Resources efficiency/waste/circular economy
• MCB’s Marketing department conducts an annual client survey to gather feedback on its services and customer experience. During the reporting year, MCB incorporated several questions to assess clients’ sustainability commitments and interests. The survey covered topics such as sustainable development, climate and circular economy, clients’ sustainable development journey, and their appetite for sustainable finance products. This has enabled MCB to better understand its clients’ sustainability expectations. MCB is now leveraging the survey results and impact analysis to identify clients with whom the bank plans to initiate formal discussions and engagement in the upcoming months.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

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References:

This case study is based on published information by MCB, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://mcbgroup.com/docs/default-source/sustainability/mcb-group-sustainability-report-2024.pdf

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