UAE – Mubasher: Six UAE lenders contributed to green financing with a total of AED 190 billion ($51.80 billion) by the end of 2022, the UAE Banks Federation (UBF) announced.
The lenders are First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Emirates NBD, Dubai Islamic Bank (DIB), Mashreq Bank, and Abu Dhabi Islamic Bank (ADIB).
The total funding was pumped into several projects in renewable energy, waste-to-energy, and green technology. It aligns with the UAE's strategy to lower emissions and achieve climate neutrality by 2050 in accordance with United Nations (UN) Sustainable Development Goals (SDGs).
Meanwhile, the UBF is teaming up with the Central Bank of the UAE (CBUAE) to create a sustainable economy that supports the country’s hosting of COP28.
Jamal Saleh, Director-General of UBF, said: “Achieving net zero emissions requires the full participation of the financial sector to channel capital into environmentally sustainable and climate-resilient investments.”
"Our member banks and financial institutions will play a critical role in integrating environmental values into business and industrial progress,” Saleh added.
He underlined: “The UAE hosting the event will enable collaboration with international stakeholders, sharing best practices and building partnerships to accelerate the implementation of sustainable finance initiatives."
