Mena green and sustainable finance ‘shoots up 532%’

Mena green and sustainable finance ‘shoots up 532%’

The Middle East and North Africa (Mena) region generated $24.55 billion in green and sustainable finance for 2021, a 532% year-on-year escalation, which points to a strong ESG momentum across the region, says a report by Arthur D Little.

In the UAE alone, ESG reporting multiplied between 2019-2022 across major public and private institutions such as Dubai Financial Market, and more, says the report titled “ESG Data Governance Viewpoint”.

Between 2019 and 2022, the UAE recorded increasing ESG reporting across major public and private institutions such as Dubai Financial Market, Ministry of Climate Change and Environment and publicly listed companies in SCA. Led by First Abu Dhabi Bank, Majid Al Futtaim’s fundraiser gathered $1.25 billion in 2022 as the credit facility linked to the company’s ESG goals. Further, Dubai Islamic Bank is currently in progress of concluding its own reporting, spanning ethics and integrity, thriving workplace, positive community impact, environmental stewardship, and sustainable finance and investments.

UAE in the lead

Having witnessed a 32% YoY growth in its 2022 green and sustainable finance issuing, the UAE continues to build on its ESG momentum Mena wide.

Andreas Buelow, Partner, Arthur D. Little, said: “ESG has become the new normal for financial institutions. Perhaps the most significant