ABU DHABI, 18th September, 2023 (WAM) -- First Abu Dhabi Bank (FAB) announced its participation as a strategic pathway partner of the 28th UN Climate Change Conference of Parties (COP28), which is being held in the UAE from 30th November to 12th December 2023.
FAB's COP28 partnership is an integral part of the UAE's vision to support a sustainable future, the bank's broader growth strategy and its sustainability priorities. As part of its COP28 sponsorship, FAB will take part in a series of engagements and thought leadership initiatives throughout the summit.
FAB also announced its 6-point COP28 agenda, which includes: Accelerating sustainable finance and advancing the UAE's development as a green finance hub; Supporting its clients and partners with the transition to net zero; Growing ESG awareness and adoption among SMEs; Advancing effective carbon markets through production innovation and knowledge transfer; Advocating for the restoration of natural ecosystems and biodiversity; and Empowering individuals from classroom to boardroom to be change agents for positive environmental action.
With climate finance as a critical factor in climate progress, FAB is making strides on multiple fronts including providing transition finance and green financing, in addition to minimising its own footprint and spearheading change across the region. FAB was the first bank to commit to the UAE's net-zero target, and the first GCC bank to join the industry-led UN-convened Net Zero Banking Alliance (NZBA), where it collaborates with global peer banks to drive forward the global transition to net zero. As a leading voice in the regional financial sector relating to sustainability, FAB seeks to shape positive outcomes from COP28.
Hana Al Rostamani, Group Chief Executive Officer of FAB, said, "COP28 represents an important moment in the ongoing global effort to address climate change, presenting both the United Arab Emirates and the world with a unique opportunity to make enduring progress towards a sustainable future. Financial institutions play a pivotal role in the campaign against climate change, and as a strategic pathway partner of the conference, we look forward to continuing our journey and delivering on the sustainability commitments we made through engagement, collaboration, and partnerships at COP28. We look forward to supporting the UAE on its ambitious agenda of climate change mitigation at COP28 and beyond."
It is worth noting that in 2017, FAB was the first MENA-region bank to issue a green bond and remains top in the MENA Green Bond market. In this past year, more than half of FAB's bond issuances were in a green format. At the same time, the bank has grown its range of sustainable accounts, loans, and finance offerings to support its customers in achieving their sustainability goals.
In early 2023, FAB became the first MENA bank to set financed emission reduction targets for 2030 across oil and gas, aviation, and power generation. As part of its sustainability strategy, FAB has set a target of US$75 billion in green financing for the period 2022-2030 and has until June 2023 facilitated sustainable projects worth over US$20 billion.