FAB partners with ENGIE to advance decarbonisation solutions for corporate clients

  • Date: 05-Dec-2023
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:UAE
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FAB partners with ENGIE to advance decarbonisation solutions for corporate clients



Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and strongest financial institutions, has further demonstrated its commitment to global energy transition by signing a Memorandum of Understanding (MoU) agreement with French energy multinational ENGIE to advance their respective capabilities in financial decarbonisation solutions. ENGIE is a global leader in low-carbon energy and services, including renewables, committed to accelerate the transition towards a carbon-neutral world through reduced energy consumption and more environmentally friendly solutions. The agreement, signed during the COP28 climate conference in the UAE, establishes a framework for collaboration between FAB and ENGIE in several areas related to energy transition and decarbonisation. Areas of cooperation within the MoU include derivatives or financing solutions related to energy, carbon, renewables, battery energy storage systems, and green products, and credit risk management in relevant derivative transactions and payment facilities. It also opens the way to exploring new types of transaction in the future. Specific to carbon markets, FAB and ENGIE expect to enter into spot trading or long-term forward purchase agreements for carbon credits, renewable energy certificates, and other environmental products. Varun Gujral, CEO GEMS APAC at ENGIE, said, “ENGIE is proud to partner