UAE banks lead sustainable financing, initiatives ahead of COP28

UAE banks lead sustainable financing, initiatives ahead of COP28

Image courtesy: manusapon kasosod / Getty Images

UAE national banks are advancing sustainable financing and climate initiatives, as part of the government’s broader strategy to promote sustainable economic growth ahead of the COP28 climate talks in Dubai later this year.

The financial services sector is playing a crucial role in combating climate change by providing green financing and supporting climate initiatives in the country, according to state news agency, WAM.

The banks’ initiatives include substantial investments in sustainable financing and support the transition to a green economy and renewable energy.

The UAE’s top six biggest banks – First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Emirates NBD, Dubai Islamic Bank (DIB), Mashreq, and Abu Dhabi Islamic Bank (ADIB) – allotted more than $51.8bn (Dhs190bn) in sustainable initiatives in 2022.

First Abu Dhabi Bank

FAB has committed $75bn in green financing from 2022 to 2030, with over $20bn already funded as of mid-2023. COP28

The bank’s COP28 strategy encompasses six key areas including accelerating sustainable finance to enhance the UAE’s role as a prominent hub for green finance, supporting customers and partners in transitioning towards zero carbon emissions and pioneering innovation in production processes and knowledge sharing to develop carbon markets.

Abu Dhabi Commercial