RAKBANK, the National Bank of Ras Al Khaimah and a partner of Ripple since 2018, has unveiled a Social Finance Framework as part of its sustainable development strategy. The framework focuses on environmental, social, and governance aspects to support crucial social developments. Under the environmental track, RAKBANK aims to manage its carbon footprint and promote sustainable financial solutions. The social track involves supporting small and medium entrepreneurs, promoting financial inclusion and literacy, and assisting volunteer communities. Lastly, the governance track includes incorporating ESG Criteria into RAKBANK’s Balanced Scorecard and establishing clear ESG Governance within the entity.
In line with its comprehensive social and environmental agenda, RAKBANK aims to achieve a sustainability status aligned with the United Nations’ Sustainable Development Goals and the Global Reporting Initiative. This move by RAKBANK is part of a global trend in which various blockchain players, such as BlackRock and EOS Network, are integrating ESG elements into their development and marketing strategies. For example, BlackRock has shown its commitment to ESG-centric Bitcoin mining, while EOS Network plans to offset its carbon footprint three times more than what it spends.
Overall, RAKBANK’s Social Finance Framework demonstrates its dedication to making a positive social impact through its financial operations while addressing various sustainability challenges. By aligning its strategy with the United Nations’ Sustainable Development Goals, RAKBANK aims to contribute to a more sustainable future.
