"Abu Dhabi Islamic Bank" It provides 17.3 billion dirhams to finance sustainability projects
Abu Dhabi, July 7 / WAM / Abu Dhabi Islamic Bank announced the provision of 17.3 billion dirhams to finance sustainable projects until the end of 2024, as part of the continuation of his efforts and his commitment to achieving its goal aimed at allocating 60 billion dirhams to finance sustainable projects by 2030.
This coincides with the bank’s issuance of its efforts in its sustainability efforts for the year 2024, which detailed the tangible progress it has achieved to improve environmental, social and institutional governance, which embodies its contribution in the field of climate work and comprehensive development, in line with the UAE’s strategy and vision for 2031 and achieving climate neutrality by 2050.
This year’s report highlighted the main achievements, including the “Abu Dhabi Islamic Bank” declaration of its goals to reduce carbon emissions within specific sectors.
The targets cover 6 sectors, which are highly emissions sectors such as real estate, facilities and housing financing, in line with the scenarios of climate neutrality issued by the “International Energy Agency” and the national carbon removal strategy in the UAE.
The bank conducted the “double evaluation of relative importance” according to “European standards to prepare sustainability reports” to assess the financial and societal impact of its activities, which is a necessary step to understand the effects, risks and relative opportunities on the economy, the environment and individuals.
The bank also conducted a dual assessment of the relative importance in the context of each criterion of “European standards to prepare objective sustainability reports”, including environmental, social and institutional government issues.
In the same context, Abu Dhabi Islamic Bank issued the first copy of its report on allocating the returns of green sukuk and the effect of issuing those sukuk, which amounts to 500 million US dollars.
Last December, the bank allocated 90% of its green bonds to finance renewable energy projects, energy efficiency and sustainable water infrastructure, which contributed to neutralizing more than 607 thousand tons of annual emissions.
With regard to operational operations, “Abu Dhabi Al -Islami” announced its success in reducing ranges of 1 by 87% compared to 2022, and a decrease of 3.51% in range emissions 2.
“We have inserted sustainability at the heart of our business and it is one of the three basic pillars of our vision for the year 2035, and reflects our latest disclosure of sustainability, our firm commitment to providing moral and comprehensive banking services in line with the goals of climate change, and we take practical and decisive steps towards the future of the low carbon, starting from our leadership at the region level In the field of green instruments, to establish new criteria in defining goals to reduce funded emissions.
The bank affirmed the continued strengthening of its agenda for social impact, achieving a localization rate of 44%, in which women represented 72% of the total national appointments and 39% of the total workforce.
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