Friday 8 December 2023

First Abu Dhabi Bank pledges $135bn in green finance by 2030

First Abu Dhabi Bank (FAB) has made a commitment to lend, invest and facilitate more than AED500 billion (£108bn) in green finance by 2030.

The new target, announced at the COP28 climate summit in Dubai, is an 80% increase over the bank’s 2021 commitment.

FAB also plans to expand its target to include transition financing projects – a vital component for heavy, extractive and other hard-toabate industries - and early-stage innovative climate solutions such as hydrogen.

Since 2021, the bank has facilitated more than AED100 billion (£21.6bn) in sustainable projects towards renewable energy, clean transportation, green buildings and social projects.

Hana Al Rostamani, Group Chief Executive Officer of FAB said: “The UAE has shown us this week what it means to be ambitious, bold and collaborative in its leadership of climate change action for our region and our world. We mirror its desire to accomplish the unprecedented and unlock 80% more resources for transition finance. Our new target is a floor and not a ceiling.

“From now until the end of this decade, we will deliver meaningful impact by deploying finance, advisory and innovation at scale to ensure we meet climate ambitions across the region, where we will support more sustainable projects, engage more clients in their transition journeys and advance the UAE's development as a green finance hub.”