Economy, Business And Markets

EN Bank Promoting Green Agenda

EN Bank Promoting Green AgendaEN Bank Promoting Green Agenda

Eghtesad Novin Bank said it is financing eco-friendly projects in cooperation with the Department of Environment, Hussein Motamedi, the bank’s CEO said Saturday.

“EN Bank has developed an eco-friendly model for reshaping its branches and following DOE approval, the model was applied to a branch in Kashani Boulevard west of Tehran,” the bank’s website quoted him as saying.

The private lender will also plant 7,000 saplings in Tehran’s Pardisan Park on March 5, which is the national day for planting trees, in an attempt to help promote environmental stewardship. The saplings will be named after the bank’s employees and customers, according to Motemadi.

“Our initial plan was to support environmental causes as part of the bank’s social responsibilities, but later we noticed that such operations could be profitable,” he said.  “Therefore we decided to raise our standards and become environmentally friendly.”

“Banks usually do not get involved in impractical ventures and these measures would significantly reduce our expenses.”

Action Plan

EN Bank’s “green agenda” includes installing solar panels, using energy-efficient equipment, reducing air pollution, enhancing the efficiency of air conditioning systems, waste sorting at its source and promotional gifts for customers.

The banker stressed that eco-friendly initiatives are no more exercises in public relations. “The country must pay more attention to Mother Nature if it really wants to play an international role.”

Elaborating on the measures, Motamedi said a portion of the bank’s resources is being dedicated to eco-friendly industries.

“Staff in the branches has been trained to raise customer awareness about the need and importance of protecting the environment,” he said.

“Cutting expenses is akin to increasing the bank’s resources.”

EN Bank is also preparing a report for the Central Bank of Iran aimed at promoting such plans in the overall banking sector.

Hadi Heidarzadeh, head of Tehran’s Department of Environment, welcomed EN Bank’s foray into the environmental realm, saying, “The banking sector, as the largest services sector, is capable of playing a significant role in promoting the environment.”

“Environmental NGOs and green industries can open accounts in bank’s green branches and take out loans,” he added.

Water and electricity conservation measures and using solar energy instead of fossil fuel are included in EN Bank’s plans, Heidarzadeh said.