Set a goal to reach carbon neutrality by 2050
"First Abu Dhabi" will finance sustainable projects with 25.7 billion dirhams during 2022
The value of the facilities provided by the Bank for sustainable projects exceeded 128.4 billion dirhams.
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The head of sustainability at First Abu Dhabi Bank, Shargil Bashir, said that during the year 2022 the bank provided facilities worth more than seven billion dollars (25.7 billion dirhams) for sustainable projects, indicating that the bank had made quantum leaps by financing many projects in the sectors of energy supply, buildings. , transportation, waste management, water, and food, thus enhancing its position in the field of green and sustainable financing.
He added that the value of the facilities provided by the bank for sustainable projects exceeded $35 billion (about 128.4 billion dirhams) between 2017 and 2021, while the bank aims to provide green financing worth $75 billion (more than 275 billion dirhams) during the period between 2022 and 2030. .
Carbon neutrality
Bashir explained that, in line with the bank's commitment to climate issues, it has set a goal to reach carbon neutrality by 2050, including the activities of the bank and customers alike, at a time when the bank has succeeded in making tangible progress in supporting a number of the largest and most famous entities in the UAE. To make qualitative leaps towards reaching its climate goals.
cooperation
Bashir revealed that the bank cooperated with Etihad Airways to develop an environmental, social and corporate governance structure for the first sustainability-related loan in the aviation sector in the world, and also played an active role in other projects it funded, including three solar energy projects that contribute to reducing emissions of 1.989 million tons of carbon dioxide annually, seven green buildings, in addition to a sewage plant to treat 430,000 cubic meters of water per day.
Basheer pointed to the bank's strong contribution to the Abu Dhabi Sustainability Week, being the first bank to commit to achieving carbon neutrality by 2050, and the first bank from the country and the Gulf region to join the banking alliance to reduce net carbon emissions.
green bonds
Bashir indicated that the bank has made significant achievements in issuing green bonds, which are considered an effective tool in combating climate change, noting that the bank implemented about half of its bond issuances in 2022 in a green format ($1.5 billion), including three public reference deals, which are the first issuance of a five-year euro-denominated green bond of €500 million from the Middle East and North Africa region, and a four-year issuance of 200 million Swiss francs, to maintain its position as the sole issuer of bonds due in Swiss francs, and a $700 million five-year issuance, which is The largest green bond issuance by a bank in the Middle East and North Africa region.
• 275 billion dirhams of green financing, which the bank aims to provide within 8 years.
First green bond
Shargil Bashir, Head of Sustainability at First Abu Dhabi Bank, said that the bank issued in 2017 the first green bonds in the region, while continuing efforts to enable customers to achieve carbon neutrality requirements, by focusing on the diverse and specialized needs of private sector institutions, and designing appropriate solutions to meet these requirements. needs as best possible.
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