Abu Dhabi: In line with UAE’s ambition to achieve clean energy by 2050, First Abu Dhabi Bank (FAB) announced that it is joining the Net-Zero Banking Alliance (NZBA), becoming the first UAE and GCC bank to join the alliance.
FAB will offer its client a platform to shift into a climate-neutral economy through innovative financing and advisory services. By integrating ESG concepts into its corporate culture, business strategy, risk management framework, and by supporting environmental and social projects linked with the region’s economic growth aspirations, the bank puts sustainability at the core of its business.
FAB was the first MENA bank to issue a green bond and has financed over $10 billion in sustainable projects. The bank joined the Abu Dhabi Sustainable Finance Declaration, launched by Abu Dhabi Global Market (ADGM), which advocates sustainable finance and investments for long-term economic growth.
Subsequently, The FAB Sustainable Finance Framework was created and used to fund projects that deliver tangible environmental and social benefits. FAB’s focus on sustainability was recently recognized by MSCI with its ratings for the bank upgraded to AA from A, defining FAB as an “ESG Leader”.
H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB said: “The UAE government has placed sustainable development at the heart of economic and social progress, with the pathway to a green future, unlocking opportunities for growth and prosperity for all. FAB leads the region’s sustainable finance sector and is now joining forces with global peers by becoming a signatory of the Net-Zero Banking Alliance, launched by the United Nations, to drive environmental and economic progress for future generations.”
In line with the UAE’s 10 principles for the next 50 years, FAB supports the UAE Net-Zero by 2050 strategic initiative to leverage a sustainable development pathway as a vehicle to create economic value, increase industrial competitiveness, and enhance the UAE’s standing as an attractive investment destination.
Earlier in April, the United Nations Environment Program Finance Initiative (UNEP FI) launched the Net Zero Banking Alliance to bring together banking institutions from around the world who are committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050.
Ms. Hana Al Rostamani, Group CEO of FAB said, ‘We are extremely proud to support the bold vision of the Net-Zero Banking Alliance, which recognizes the responsibility we have as an industry to create sustainable economic growth and to address the environmental challenges that face the world and society.’
FAB’s membership will advance its work to transform challenges into investment opportunities to achieve a more diversified economy and meet the aspirations of shareholders and customers.