Abu Dhabi: In line with the UAE’s vision to promote sustainable economic growth in the region, First Abu Dhabi Bank (FAB) has announced that it is joining the Net-Zero Banking Alliance (NZBA), becoming the first UAE and GCC bank to join the alliance.
As part of this commitment, FAB will enable its clients to transition towards a climate-neutral economy through innovative financing and advisory services.
FAB maintains a leading position in the regional sustainable finance sector. It was the first MENA bank to issue a green bond and has financed over $10 billion in sustainable projects. The bank became a signatory to the Abu Dhabi Sustainable Finance Declaration, initiated by Abu Dhabi Global Market (ADGM), which advocates sustainable finance and investments for long-term economic growth.
As the regional pioneer, 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 destination for investment, in line with the UAE’s 10 principles for the next 50 years.
“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,”said Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB.
The Net Zero Banking Alliance was launched in April by the United Nations Environment Programme Finance Initiative (UNEP FI) to bring together banking institutions across the globe who are committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050.
, confirmed: “First Abu Dhabi Bank is a key driver of sustainable development in the region, having pioneered Green Bonds in MENA and achieving significant milestones since. We are extremely proud to support the bold vision of the Net-Zero Banking Alliance, which recognises the responsibility we have as an industry to create sustainable economic growth and to address the environmental challenges that face the world and society,”said Hana Al Rostamani, Group Chief Executive Officer of FAB.