First Abu Dhabi Bank (FAB) has announced that it will lend, invest and facilitate over AED500 billion (USD135 billion) in sustainable and transition financing by 2030.
The bank shared that this new target is an 80 per cent increase over its 2021 commitment, representing the largest sustainable finance commitment made by any MENA bank to date.
It also represents half of the combined pledge of AED1 trillion (USD270 billion) made by UAE banks towards sustainable finance, which was announced by the UAE Banks Federation on Finance Day at COP28.
As part of FAB’s announcement at the UN Climate Change Conference (COP28), the bank will expand its target to include transition financing projects and early-stage innovative climate solutions, it shared.
HH Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, commented: “FAB is deeply integrated into the UAE’s ambition on climate change and net zero, placing sustainability at the heart of social and economic progress. Across the Group, we believe in the urgency to scale investments and financing, as the foundation of climate action. In setting even more ambitious sustainable finance targets by 2030, we are expanding our commitment. Our objectives will accelerate the decarbonisation journey, while supporting the UAE vision and regional, and global net zero agenda.”
Hana Al Rostamani, Group Chief Executive Officer of FAB, added: “The UAE has shown us this week what it means to be ambitious, bold and collaborative in its leadership of climate change action for our region and our world. We mirror its desire to accomplish the unprecedented and unlock 80% more resources for transition finance. Our new target is a floor and not a ceiling.
“From now until the end of this decade, we will deliver meaningful impact by deploying finance, advisory, and innovation at scale to ensure we meet climate ambitions across the region, where we will support more sustainable projects, engage more clients in their transition journeys, and advance the UAE’s development as a green finance hub.”