Tuesday, March 5, 2024

UAE’S Biggest Bank FAB to Provide Half a Trillion Dirhams in Green Finance in 7 Years

UAE’s largest bank, First Abu Dhabi Bank (FAB), announced a commitment of $135 billion by 2030 for sustainable and transition financing. This marks an 80% increase from FAB’s 2021 commitment and is the most extensive sustainable finance commitment from any Mena bank to date.

FAB’s Chairman, Sheikh Tahnoon bin Zayed Al Nahyan, emphasized the bank’s deep integration into the UAE’s climate and net-zero goals. This commitment aligns with the global push towards net-zero emissions.

Hana Al Rostamani, FAB Group CEO, aims to unlock 80% more resources for transition finance. She emphasized FAB’s strategy of deploying finance, advisory, and innovation at scale to support the UAE’s development as a green finance hub.

Since 2021, FAB has facilitated over $27 billion in sustainable projects, including initiatives in renewable energy, clean transportation, green buildings, and social projects. Notable projects include solar-energy initiatives, green buildings, and a wastewater plant.

FAB’s sustainable finance projects are geographically diverse, with 57% in the UAE, 21% in Saudi Arabia, 11% in Singapore, 5% in Bahrain, and the remainder in Europe, the Americas, and South Asia. Of the financing, over 86% is conventional, with 14% through Islamic financing.

FAB’s commitment underscores its pivotal role in accelerating the decarbonization journey and supporting the UAE’s vision for a sustainable and environmentally conscious future.

Related Articles

Latest Articles