Redefining Financial Stability Through Environmental and Social Impact
The banking industry is undergoing a profound T transformation as it embraces sustainability as a core business imperative. Regulatory pressures, climate risks, and growing stakeholder expectations are reshaping how banks operate, finance, and engage with communities. At the heart of this shift is a commitment to aligning financial success with environmental and social responsibility—paving the way for a more stable and equitable future.
Eoin Daly, Head of Sustainability at the Commercial Bank of Dubai (CBD), is a leading voice in this transformation. His journey into sustainability was sparked by a deeply personal moment: a question from his then-seven-year-old daughter who asked, “Daddy, what are you doing about climate change?” His honest response— “not enough”—became a defining call to action. Around that time, sustainability reporting became mandatory for listed entities in the UAE, creating a timely opportunity for Eoin to lead CBD’s transition toward a more sustainable future.
Backed by the support of CBD’s CEO, Dr. Bernd van Linder, Eoin was given the mandate to integrate sustainability into the bank’s strategy. Dr. van Linder recognized the importance of maintaining the bank’s social license to operate and committed to addressing the externalities of banking operations. With that, Eoin began laying the groundwork for CBD’s sustainability journey.
Embedding Sustainability into Strategy
Eoin’s diverse professional background in management consulting and leading strategic teams within CBD provided a solid foundation for his sustainability leadership. His experience building the Change Management Office, Channels and Digitization, and Customer Engagement teams translated seamlessly into forming a high-performing Sustainability team.
Recognizing that sustainability transformation requires organization-wide engagement, he advocated for a systemic shift: every function within the bank needed to contribute. This led to the creation of an ESG Council, composed of representatives from various departments, which was tasked with driving key ESG initiatives and tracking their performance. This cross-functional approach ensured that sustainability was not siloed but embedded across the organization.
From Vision to Action: Key Achievements
Under Eoin’s leadership, CBD has achieved several significant sustainability milestones. Among the most notable was the issuance of its first green bond in 2023—an initiative that ring-fenced $500 million for projects aligned with their sustainable finance framework. The Green Bond Report released in June 2024 revealed that the projects funded avoided over 100,000 tCO2e in emissions—the equivalent of what 7 million trees would sequester in a year.
The bank also established its first greenhouse gas (GHG) emissions baseline across scopes 1, 2, and 3, with the assistance of external experts. While the majority of emissions stem from financed activities, CBD recognized the need to lead by example. They publicly committed to achieving carbon neutrality for their operations by 2030—demonstrating their intent to “get their own house in order” before expecting customers to follow suit.
Other notable initiatives included revising the bank’s risk management framework to account for climate-related risks, co-hosting the inaugural Future Sustainability Forum, and launching their first sustainability hackathon. These projects reflect CBD’s broader commitment to innovation, education, and community collaboration in the sustainability space.
A Strategic Approach to ESG Integration
Eoin and his team conduct annual materiality assessments to identify the most impactful ESG priorities, consulting a wide range of stakeholders including customers, NGOs, and government entities. This ensures that the bank remains focused on the initiatives that matter most while adapting to the evolving sustainability landscape.
CBD’s sustainability approach is also client-centric. For corporate customers, they provide transition finance solutions—loans tied to sustainability-linked KPIs that support the shift toward greener business models. For retail customers, green banking products help promote eco-friendly financial choices. These efforts reflect CBD’s ethos of “backing customers’ ambitions”—many of which are increasingly aligned with environmental goals.
Cultivating the Right Mindset: The “3Ps”
When it comes to building a career in sustainability, Eoin emphasizes three critical qualities: passion, patience, and perseverance. Passion is essential because sustainability is purpose-driven work; it requires belief in the mission. Patience is necessary because not everyone will be on the same page initially—people come to their “climate awakening” at different times. Perseverance is key because the work is often long-term and challenging, requiring resilience and consistency.
“You don’t need to be Greta Thunberg or Al Gore, but you do need to believe in the cause and recognize there is no ‘Planet B’.” Eoin explains.
Changing Perceptions and Building Collaboration
Historically, sustainability was seen as a cost—either for compliance or for marketing. But this perception is shifting. Increasingly, banks and businesses are recognizing that ESG oriented practices lead to stronger, more stable financial performance. For banks, managing climate risk is not just a moral obligation but a financial necessity. Ignoring these risks could lead to significant losses down the line.
Eoin stresses the importance of partnerships and collaboration. CBD has actively sought to “stand on the shoulders of giants,” learning from global leaders, forming local alliances with other banks, and co-developing sustainable finance frameworks. This collaborative spirit has helped accelerate progress and ensure best practices are shared across the industry.
Looking Ahead: Sustainability as Second Nature
Eoin believes the ultimate goal is for sustainability to become fully embedded in an organization’s strategy and culture. Eventually, it should be so deeply integrated that it becomes “second nature”—not just a separate function but part of every decision, process, and value system within the bank.
His advice to aspiring sustainability professionals? “Take the first step. Don’t wait to know everything. You’ll learn as you go, and you’ll be surprised by how much support you’ll find along the way.”
Through vision, leadership, and an unwavering commitment to purpose, Eoin Daly is proving that sustainability and financial performance are not mutually exclusive. At the Commercial Bank of Dubai, he’s helping redefine what it means to be a responsible bank in the 21st century—one that doesn’t just manage money, but also shapes a better future.
