FAB to provide over AED500bln ($135bln) in Green Finance by 2030

FAB to provide over AED500bln ($135bln) in Green Finance by 2030

FAB expands its target to include transition financing and early stage innovation Group has facilitated over AED100 billion (USD27 billion) in financing renewable energy, wastewater, green buildings and other areas since 2021 Commitment represents more than half of the combined AED1 trillion (USD270 billion) sustainable finance pledge made by UAE banks at COP28 FAB promises new target will be a floor, not a ceiling Dubai: First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and strongest financial institutions, today announced that it will lend, invest and facilitate over AED500 billion (USD135 billion) in sustainable and transition financing by 2030. The new target, an 80 per cent increase over FAB’s 2021 commitment of AED275.4 billion, (USD75 billion) represents the largest sustainable finance commitment made by any MENA bank to date. The commitment by the UAE’s largest bank represents over half of the combined pledge of AED1 trillion (USD270 billion) made by UAE banks towards sustainable finance announced by the UAE Banks Federation on Finance Day at COP28. As part of FAB’s announcement at the UN Climate Change Conference (COP28), the bank will expand its target to include transition financing projects and early-stage innovative climate solutions.