Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has today taken part in a panel discussion at COP27 hosted by the Net Zero Banking Alliance (NZBA).  

The panel, titled ‘Regional Perspectives: Net Zero Banking Alliance’ started with a forward-looking statement on the ambitions of the NZBA after nearly two years since its launch in April 2021.

The discussion turned to topics such regional considerations that can contribute towards the ongoing development of NZBA’s guidelines, as well as how more banks can be encouraged to join the NZBA.

The discussion was moderated by Harry Chapman, Head of Sustainability Events at The Economist Impact, and included panelists:

  • Shargiil Bashir, Chief Sustainability Officer, First Abu Dhabi Bank – FAB
  • Dalia Abdelkader, Chief Sustainability Officer, Commercial International Bank - CIB
  • Sarah Kemmitt, Net Zero Banking Alliance, UN Secretariat Lead

Shargiil Bashir, said: “The word that best describes exactly what’s needed to achieve net-zero is ‘collaboration’. And since its inception in April 2021, NZBA has proven to be an important driver of impactful collaboration across the global banking sector. When FAB joined NZBA, we moved swiftly to align our portfolio and to meet the recommendations set out by the alliance. Our experience has been unique as the first UAE and GCC bank to join NZBA – and as we continue our journey toward decarbonisation we urge NZBA to continue their work with regional focus so that many other banks will join the alliance. It’s only through collaboration, aligned frameworks, and alliances that we will all be able to achieve the ambitious target of net-zero.”

Eric Usher, UNEP FI Head added: “FAB and other members of the Net-Zero Banking Alliance are successfully implementing the future of banking in the Middle East and African (or MENA) context. At this event, we look forward to celebrating progress and exploring opportunities for further progress in the region.”

The panel took place around one year on since First Abu Dhabi Bank (FAB) joined NZBA becoming the first UAE and GCC bank to join the alliance and in doing so committing to net-zero by 2050.

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About FAB

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s focus is to create value for its employees, customers, shareholders and communities to grow through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies    and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.

With total assets of over AED 1.1 Trillion (USD 312 Billion) as of September-end 2022, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been    ranked by Global Finance as the Safest Bank in the UAE and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #91 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

About NZBA

The industry-led, UN-convened Net-Zero Banking Alliance brings together a global group of banks, currently representing about 40% of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees signatory banks setting intermediate targets for 2030 or sooner using robust, science-based guidelines.

The Alliance reinforces, accelerates and supports the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions.

The Alliance is convened by the UN Environment Programme Finance Initiative, and is a part of the Race to Zero. In addition, the Alliance also executes coordinated advocacy and alignment as the banking element of the Glasgow Financial Alliance for Net Zero and the climate-focused element of the Principles for Responsible Banking.