First Abu Dhabi Bank (FAB), the UAE’s biggest bank, has announced plans to allocate, invest, and facilitate more than AED 500 billion (approximately $135 billion) towards sustainable and transition financing by 2030.
This goal marks an 80% increase from FAB’s 2021 commitment of AED 275.4 billion ($75 billion), setting a record for the most substantial commitment to sustainable finance by any bank in the MENA region to date.
This pledge by FAB constitutes over half of the collective AED 1 trillion ($270 billion) commitment made by UAE banks towards sustainable finance, as announced by the UAE Banks Federation during Finance Day at COP28.
FAB’s expanded target, revealed at the UN Climate Change Conference (COP28), will now also include financing for early-stage innovative climate solutions and transition financing projects.
This broadened focus highlights FAB’s dedication to being a principal facilitator in the region’s sustainable finance landscape and reflects the changing priorities of customers and communities.
Tahnoon bin Zayed Al Nahyan, Chairman of FAB, emphasized the bank’s integral role in supporting the UAE’s climate change ambitions and net zero objectives. He stressed the importance of scaling up investments and financing as fundamental to climate action.
By setting more ambitious targets for 2030, FAB aims to accelerate the decarbonization journey while aligning with the UAE’s vision and the broader regional and global net zero agenda.
Hana Al Rostamani, Group Chief Executive Officer of FAB, mirrored the sentiment, praising the UAE’s proactive and collaborative approach to climate change leadership.
She reiterated FAB’s commitment to significantly enhancing resources for transition finance, viewing the new target as a baseline rather than a limit.
