FAB Leads the Way in Net-Zero Transition

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by KnowESG
KnowESG_FAB Leads the Way in Net-Zero Transition
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First Abu Dhabi Bank (FAB), the largest bank in the UAE and a formidable global financial institution, has achieved a historic milestone by becoming the first bank worldwide to join the COP28 Net-Zero Transition Charter.

Launched in November 2023 by the COP28 Presidency, this charter catalyses the private sector, urging companies to exhibit more robust climate action. Participation in the initiative necessitates a commitment to enhanced accountability in the pursuit of net-zero goals.

FAB's groundbreaking status as the premier global bank signatory underscores its substantial strides in climate action, aligning seamlessly with its comprehensive dedication to transitioning toward a low-carbon economy.

These endeavours are intricately woven into FAB's sustainability strategy, firmly anchored by the bank's pledge to achieve net-zero emissions by 2050 and its ambitious target of facilitating US$75 billion in sustainable financing from 2022 to 2030.

The bank's sustainability credentials and future climate objectives strategically position it to fulfill the commitments outlined in the Charter. This includes publicly articulating science-based, transparent, and credible net-zero 2050 and interim emissions reduction targets, endorsing a nationally or internationally recognised net-zero initiative, crafting a credible net-zero transition plan within a year of COP28, and transparently reporting annual Greenhouse Gas (GHG) emissions and progress on net-zero commitments and the transition plan.

Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank, expressed confidence in the transformative impact of the COP28 Net-Zero Transition Charter on private sector climate initiatives. Bashir emphasised that FAB's commitment builds upon the bank's significant sustainability milestones, translating ambitions into tangible actions.

FAB's entry into the COP28 Net-Zero Charter follows a series of analogous commitments. In October 2021, the bank joined the UN-convened Net Zero Banking Alliance, becoming the first Gulf Cooperation Council (GCC) bank to commit to net-zero by 2050.

Additionally, FAB is a signatory to the Principles for Responsible Banking (PRB) and the Principles for Carbon Accounting (PCAF), among other globally recognised initiatives.

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Source: FAB

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