We want to act in partnership with our stakeholders to accelerate the transition to a Net Zero society and economy.
At FAB, we recognise the significant challenges posed by climate change to the earth, society, and the economy. We have taken a significant step across our financing activities by joining the NZBA which brings together global banks committed to aligning their lending and investment portfolios with Net Zero emissions by 2050. FAB is the first bank in the UAE and the GCC to join this group of global financial institutions. This initiative is undertaken as part of the UNEP Finance Initiative (FI) launched by the NZBA to create a platform for banking institutions from across the world to align their portfolios with Net Zero carbon emissions targets.
FAB’s strategy and operations are guided by international and national sustainability policy positions, climate policy frameworks, as well as our Sustainable Finance framework. FAB is well placed to ensure that a transition to a Net Zero economy will promote our mission of transforming challenges into investment opportunities.
Our goal is to develop a more diverse economy and meet the objectives of shareholders and customers through the following concerted efforts:
- Integrating climate factors into our assumptions about capital markets.
- Launching investment products with explicit temperature alignment goals.
- Introducing products which are aligned to a Net Zero pathway.
- Using stewardship to verify that the firms in which our customers have invested are both minimising climate risk and taking advantage of the possibilities afforded by the Net Zero transition.
- Committed to sustainable financing of USD 75 billion by 2030 and we are also defining performance targets for greenhouse gas reduction. These targets will be finalised and associated KPIs will be rolled out in 2022.
As more investors choose to divert their investments to sustainability focused companies, the initiatives towards Net Zero will further accelerate. We are constantly seeking opportunities for our investors to better prepare them for a Net Zero world. At the same time, we will continue to build on managing and reducing our environmental footprint and being a responsible financial institution.
Our vision is to be recognised as a regional leader in sustainable finance and to have a positive influence on the customers and communities we serve. We are committed to financing and supporting environmental and sustainable initiatives while strengthening our partnerships with stakeholders in the Middle East and market participants.