Abu Dhabi Commercial Bank (ADCB) has joined the Net Zero Banking Alliance (NZBA) to back the UAE’s net zero by 2050 initiative, according to a press release.

ADCB has more than tripled its sustainable finance commitment to AED 125 billion ($34 billion) by 2030 while setting a shorter-term target of AED 50 billion ($14 billion) by 2025.

The lender’s first 2030 targets will focus on key sectors where it can have the most significant impact, with further sector targets to be set within 36 months.

NZBA includes 130 leading global banks with $74 trillion in total assets committed to financing climate action to transition to net zero greenhouse gas (GHG) emissions by 2050.

Ala'a Eraiqat, Group CEO of ADCB, said: “We are proud to announce that ADCB has joined the Net Zero Banking Alliance, which represents over 40% of global banking assets. We will work alongside national and global partners to develop sector pathways for the region.

“By committing AED 125 billion in sustainable finance by 2030, ADCB will make a substantial contribution to realising the UAE’s climate agenda,” Eraiqat added.

Since 2021, the ADX-listed lender facilitated more than AED 23 billion ($6.40 billion) in sustainable finance through green bonds, sustainability-linked loans, renewable energy project financing, as well as green loans.

Last September, ADCB issued $650 million in green bonds to foster the Gulf country’s transition to a net zero economy.

In the first nine months (9M) of 2023, the bank registered net profits valued at AED 5.75 billion, which marked a 24% year-on-year (YoY) rise from AED 4.64 billion.

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