ADIB's Remarkable ESG Rating Upgrade

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by KnowESG
KnowESG_Sustainalytics Upgrades ADIB's ESG ratings
Image courtesy of https://www.wam.ae/

In a remarkable display of dedication to environmental, social, and governance (ESG) principles, Abu Dhabi Islamic Bank (ADIB) has achieved an impressive upgrade to its ESG risk score, as assessed by Sustainalytics, a world-renowned ESG rating agency.

The overall Sustainalytics ESG risk score for ADIB soared from 34.25 in 2022 to an impressive 29.6 in 2023, catapulting the bank from the 'high risk' category to the more desirable 'medium risk' category. This significant leap underscores ADIB's unwavering commitment to effective risk management while prioritising ESG principles.

Lamia Khaled Hariz, the Head of Corporate Communications, Marketing, and Investor Relations at ADIB, emphasised the bank's focus on generating meaningful value through product innovation that fosters positive sustainability impacts.

While the past year witnessed remarkable progress in ADIB's 'plan for a sustainable future,' the journey has just begun with the implementation of their ambitious three-year standalone ESG Strategy.

ADIB's strategy encompasses the integration of ESG risk assessments, the introduction of green and social products, and leveraging the harmonisation of ESG and Shari'a principles.

By doing so, ADIB leads the charge in promoting sustainable financing within the market, emphasising ethical Shari'a principles while delivering innovative and affordable products and services to customers both in the UAE and beyond.

In 2022, ADIB took decisive action to reduce its carbon footprint, achieving a notable 26% reduction in energy intensity. Additionally, the bank allocated a substantial $1.7 billion to finance sustainable projects under green financing initiatives.

Demonstrating their commitment to sustainable infrastructure, ADIB secured six green building certifications. Furthermore, they successfully reduced paper consumption by the equivalent of five million sheets through their "Al Ghaf Programme," designed to minimise paper usage in the same year.

The upgraded ESG score and the bank's exemplary efforts to drive sustainability reflect ADIB's resolute dedication to making a positive impact on the world while fostering financial prosperity for its customers and the community at large. As ADIB continues to forge ahead with its ambitious ESG Strategy, it holds the promise of shaping a more sustainable and responsible future for the banking industry.

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Source: WAM

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