Total of AED 190 billion in green financing dedicated by 6 major UAE banks: UBF

Total of AED 190 billion in green financing dedicated by 6 major UAE banks: UBF

ABU DHABI, 21st August, 2023 (WAM) -- UAE Banks Federation (UBF) revealed the remarkable success of the UAE banking and financial sector in developing sustainable banking solutions in line with the UAE's strategy to reduce emissions and achieve climate neutrality by 2050 and with United Nations Sustainable Development Goals.

The Federation highlighted the proactive role of the banking sector in combating climate change through green financing commitments and climate initiatives and said that providing green finance and issuing green-oriented funds has emerged as a powerful mechanism to meet sustainability commitments of various organisations in the UAE in particular, and the region, in general. An active partner in UAE's sustainable pursuits, UBF works in close collaboration with Central Bank of the UAE and all UBF members to support establishing the groundwork for the transformation to a sustainable economy.

According to data from UBF members, six major banks (FAB, ADCB, ENBD, DIB, Mashreq, and ADIB) have collectively dedicated over AED 190 billion (US$51.8 billion) in green financing for various projects in renewable energy, waste-to-energy, and green technology by the end of 2022.

The tremendous growth in green funding by UBF members aligns with the guidelines of Central Bank of the UAE's Sustainable Finance Working Group,