UAE’s FAB Sets Ambitious Goal of $135 Billion in Sustainable Finance by 2030

15 Apr 2024
UAE’s FAB Sets Ambitious Goal of $135 Billion in Sustainable Finance by 2030

In a significant move, First Abu Dhabi Bank (FAB), under the leadership of CEO Hana Al Rostomani, has unveiled its target to facilitate $135 billion in sustainable and transition financing by 2030. This pledge, comprising half of the UAE’s $1 trillion green finance aspiration outlined at COP28, marks a milestone in sustainable finance in the Middle East.

Expanding its focus, FAB now includes transition financing projects and innovative climate solutions like green hydrogen. This strategic shift underscores FAB’s commitment to advancing the regional sustainable finance agenda.

Chairman Sheikh Tahnoon bin Zayed Al Nahyan highlighted FAB’s crucial role in the UAE’s climate objectives and net-zero ambitions. He stressed the urgency of scaling investments and financing to drive climate action, aligning with global sustainability goals.

With over $9 billion already allocated to sustainable projects in 2023, FAB’s sustainable finance initiatives span renewable energy, clean transportation, green buildings, and social endeavors, making a positive impact locally and internationally.

Furthermore, FAB’s financing approach prioritizes sustainability, with more than 86% of its green finance disbursed through conventional financing. The bank’s participation in initiatives like the Net Zero Banking Alliance underscores its commitment to achieving net-zero emissions by 2050.

As a pioneer in green finance in the MENA region, FAB’s track record of issuing green bonds and sukuk under Hana Al Rostomani’s leadership reflects its dedication to driving environmental and social change while delivering value to its stakeholder.

Source: Gulf Business