The First Abu Dhabi Bank or FAB has announced that it is joining the Net-Zero Banking Alliance.
This will make FAB the first UAE and GCC bank to join the NZBA.
As part of this commitment, FAB is expected to enable its clients transition towards a climate-neutral economy through innovative financing and advisory services.
The Net Zero Banking Alliance was launched in April by the United Nations Environment Program Finance Initiative — UNEP FI.
It aims to bring together those banking institutions across the globe that are committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050.
FAB has said it puts sustainability at the core of its business by integrating ESG principles into its corporate culture, business strategies, risk management framework, and by supporting environmental and social projects aligned to the region’s economic growth ambitions.
FAB’s membership is expected to advance its work to transform challenges into investment opportunities to achieve a more diversified economy and meet the aspirations of shareholders and customers.
New ESG initiatives will reportedly build on FAB’s strong momentum and established successes.
FAB is already amongst the largest MENA constituents on both the FTSE4Good and MSCI ESG Leaders indices, and has been named the Best Bank in the Middle East for Corporate Responsibility by Euromoney.
Over the next 18 months, FAB will reportedly work to determine what steps and intermediate goals are needed to achieve this ambitious net-zero pathway.