FAB recognised by CDP as top UAE financial institution fighting climate change
Abu Dhabi, 11 February, 2019: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, received a B score by CDP for its commitment to stemming climate change, and its high level of disclosure of climate change performance, making it the highest-scoring UAE financial institution for the second year in a row.
CDP, formerly known as the Carbon Disclosure Project, runs a global disclosure system that FAB uses to measure and help manage its impact on the environment. CDP has a network of investors and purchasers overseeing over $100 trillion, along with policymakers from across the globe, who use the data to help make investment decisions.
Belinda Scott, VP and Head of Corporate Sustainability at FAB, said: “Climate change is, without doubt, a growing threat to the world we live in. Under the Paris Climate Agreement, signatory governments are committed to taking action to remain well below a two-degree rise in global temperatures from pre-industrial levels. As the UAE’s largest bank we have a clear duty to conduct our business responsibly, support the country’s sustainability commitments and create economic, social and environmental value for our stakeholders. Our B-score this year is a fantastic achievement, especially as CDP upgraded the scoring process to make it more stringent.”
FAB is a signatory to the Abu Dhabi Sustainable Finance Declaration, which was launched on 16 January 2019 and comprises 25 high-profile UAE government and private sector members. The declaration, initiated by Abu Dhabi Global Markets, is an extension of the continuing cooperation between public and private sectors to establish a healthy sustainable finance industry.