Abu Dhabi-based developer Aldar Properties became the first corporate in the UAE to open a sustainable bank account started by Standard Chartered in the emirates for large corporates.
The bank has said that deposits in the accounts are used to fund sustainable projects based on its Green and Sustainable Product Framework, which is aligned to the United Nations’ Sustainable Development Goals.
The bank has said it plans to mobilize $300 billion in green and transition financing to help its clients reach their net-zero targets. It also aims to reduce absolute financed thermal coal mining emissions by 85 percent by 2030.
Rola Abu Manneh, CEO of Standard Chartered UAE, said the bank’s Sustainable Account offers “flexibility, transparency and ease while making a significant contribution to financing progress for a sustainable future”.
The bank has said the surplus cash will be used in addressing issues including climate change and financial exclusion, the statement said.