Al Rayan Bank, the oldest and most successful Islamic bank in the UK, has achieved operational carbon neutrality in a significant move towards long-term sustainability goals. The bank has partnered with Carbon Neutral Britain to offset 200% of its carbon dioxide equivalent (CO2e) emissions, making it both carbon neutral and climate positive. Through the purchase of high-quality carbon offsets supporting reforestation and woodland management projects worldwide, the bank offset twice as much CO2e as it produced in 2022 – 256.5 tonnes – while neutralizing its own CO2e emissions for the year and offsetting an additional 128.25 tonnes of carbon emissions.
Giles Cunningham, CEO of Al Rayan Bank, commented that although the bank is a relatively small UK bank with a low carbon footprint, it is crucial to take responsibilities seriously. Cunningham explained that achieving operational carbon neutrality is a significant milestone that marks the first step in the bank’s long-term plan to become a net-zero producer of CO2. Carbon Neutral Britain director James Poynter expressed delight over the partnership with Al Rayan Bank in becoming a carbon neutral and climate positive business.
The bank, which was founded in 2004 and is authorized by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority, is committed to sustainable practices. Carbon Neutral Britain, a leading carbon offsetting initiative in the UK, supports British businesses in combating climate change.
In conclusion, Al Rayan Bank’s achievement of carbon neutrality is a critical step in its pursuit of sustainable operations. The bank’s commitment to offsetting CO2e emissions and Climate Positive practices aligns with its ambitious goal to become a net-zero producer of CO2. Al Rayan Bank’s partnership with Carbon Neutral Britain underscores its dedication to sustainable practices and further supports its position as the oldest and largest Islamic bank in the UK.