Mashreq will ‘follow science’ for fossil fuel fund phase-out

Mashreq will ‘follow science’ for fossil fuel fund phase-out

The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a leading executive from the company. Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing. The bank has committed to facilitating […]

Contributes to $272bn green finance fund

Campaigners seek end to fossil fuel financing

Transition will take time, insists Mashreq

The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a leading executive from the company.

Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing.

The bank has committed to facilitating AED110 billion in sustainable finance by 2030.

Despite the huge amount pledged, criticism has come from some quarters over the continued funding for the hydrocarbon industry.

Climate lobbyist Tzeporah Berman, who is chair of the Fossil Fuel Non-Proliferation Treaty Initiative, pointed out that banks also need to phase out fossil fuel financing as they claim to escalate their climate commitments.

“Any bank, or any financial company that says that they have sustainable finance now, where they’re continuing