FAB facilitates $7bn for sustainable projects in ’22

FAB facilitates $7bn for sustainable projects in ’22

Local News, News















Abu Dhabi / WAM

Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank (FAB), said that the bank facilitated over AED25.7 billion ($7 billion) for sustainable projects in 2022, noting that the bank has made significant progress by financing many projects across the energy supply, buildings, transportation, waste, water, and food sectors.

In statements to the Emirates News Agency (WAM), Bashir said that the value of the facilities provided by the bank for sustainable projects exceeded AED128.5 billion ($35 billion) between 2017 and 2021, highlighting FAB’s target of providing AED275.4 billion ($75 billion) in green financing for the period 2022-2030.

In line with the bank’s commitment towards climate causes, he said that FAB has set a goal of achieving carbon neutrality by 2050.

Bashir stated that the FAB recently worked alongside Etihad Airways as an environmental, social and governance (ESG) structuring bank for the first global sustainability linked loan in the aviation industry.

“We have created positive sustainable impact from many of the other projects that we have financed, including: 3 the solar projects where 1,989,000 tonnes of CO2 is being avoided every year; 7 green buildings