Abu Dhabi, UAE — First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for Climate-Related Financial Disclosures (TCFD) aligned climate report.
The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks (physical and transitional) and opportunities.
The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.
FAB’s TCFD Aligned Climate Report outlines the bank’s progress on its four key themes: governance model, strategy, ability to manage risks, and reports on key metrics and targets related to climate change.
The framework should help FAB’s investors and other key stakeholders understand how the bank considers and assesses climate-related risks and opportunities, the bank said.
FAB has made significant advances across the four thematic areas:
Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank (FAB), said, “Adoption of the TCFD recommendations is an important step for FAB, as it enables us to recognize, assess, and disclose the risks and opportunities related to climate change.”
FAB’s alignment with TCFD recommendations follows a series of climate-related milestones by the bank. In October 2021, FAB joined the industry-led, UN-convened Net Zero Banking Alliance (NZBA), and in doing so, became the first Gulf Cooperation Council (GCC) bank to commit to net zero by 2050.