Six major UAE banks dedicate Dh190 billion in green financing

Six major UAE banks dedicate Dh190 billion in green financing

UBF highlights proactive role of the banking sector in combating climate change

The tremendous growth in green funding by UBF members aligns with the guidelines of the Central Bank of the UAE’s Sustainable Finance Working Group. — File photo

Published: Mon 21 Aug 2023, 4:24 PM

Six major UAE banks have collectively dedicated more than Dh190 billion ($51.8 billion) in green financing for various projects in renewable energy, waste-to-energy, and green technology by the end of 2022, according to data from UAE Banks Federation (UBF) members.

Established in 1982, UBF is the sole representative body comprising 59 members of banks and organisations operating in the country. The federation revealed the success of the UAE banking and financial sector in developing sustainable banking solutions in line with the country’s strategy to reduce emissions and achieve climate neutrality by 2050 and with UN Sustainable Development Goals (SDGs).

First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Emirates NBD, Dubai Islamic Bank, Mashreq Bank, and Abu Dhabi Islamic Bank are the six banks leading the sector’s sustainable financing initiatives to support economic and social development by collectively providing more than Dh190 billion in green financing.

The UBF highlighted the proactive role of the banking sector in combating climate