Commercial International Bank – Egypt (CIB) received a special award from the Energy Efficiency Project in recognition of its leading role supporting and contributing to the national energy efficiency strategy through its various initiatives. The award was presented to Mr. Hisham Ezz Al-Arab, CIB Chairman and Managing Director, during the monthly luncheon of the American Chamber of Commerce in Egypt (AmCham), by H.E Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, AmCham President and UNDP Country Director.
Mrs. Sylvia Menassa, AmCham CEO, said in a statement that CIB has been leading and implementing significant energy efficiency initiatives, which have inspired other organizations to follow suit.
Rooted in its long-term holistic future vision, CIB strikes a sound balance between the strategic goal of increasing profitability, while serving broader socio-economic, environmental and governance interests. In 2017, CIB outstandingly realized a 40% decrease of its annual energy consumption, equivalent to 11M KWs. This amounts to an electricity volume that could light up more than 4500 houses.
This significant energy reduction is the result of integrating many simple ideas into the bank’s operations, including the installation of LED technology bank-wide where more than 3 thousand lamps were replaced, and the heavy utilization of solar technology (solar tie grids, water heaters…etc.), Not to mention that CIB has been extensively digitalizing its internal processes and operations to preserve resources, and implement sustainable development practices to generate a profound socio, economic and environmental returns on the society. Some of the projects in this regard include paper consumption reduction, the implementation of waste management system, and the usage of biodegradable plastic bags.