FAB publishes a climate report in alignment with TCFD Framework

FAB publishes a climate report in alignment with TCFD Framework

Incorporates the recommendations of the Task Force for Climate-Related Financial Disclosures (TCFD) and informs the bank’s transition pathway to net zero by 2050.  

Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and strongest financial institutions, is the first MENA bank to publish a Task Force for Climate-Related Financial Disclosures (TCFD) aligned climate report.

The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks (physical and transitional) and opportunities.  The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.

FAB’s TCFD Aligned Climate Report outlines the bank’s progress on its four key themes: governance model, strategy, ability to manage risks, and reports on key metrics and targets related to climate change.

The framework should help FAB’s investors and other key stakeholders understand how the bank considers and assesses climate-related risks and opportunities.

FAB has made significant advances across the four thematic areas:

Governance: Climate risk is governed across the organisation including at the Board level and throughout active committees.

Strategy: Climate is embedded across the bank’s strategy through transition