First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, said Wednesday that it participated in a panel that was hosted by the Net Zero Banking Alliance (NZBA) at United Nations Climate Change Conference (COP27) to discuss how more regional banks can be encouraged to join the alliance.
The panel, titled ‘Regional Perspectives: Net Zero Banking Alliance’ started with laying out the alliance’s ambitious plans nearly two years after its launch in April 2021. The panelists also discussed regional considerations that can contribute to the ongoing development of NZBA’s guidelines.
“When FAB joined NZBA, we moved swiftly to align our portfolio and to meet the recommendations set out by the alliance,” Shargiil Bashir, the Chief Sustainability Officer at FAB said adding that the bank’s experience has been unique given that the financial institution is the first in the UAE and GCC to join NZBA alliance.
COP27 is taking place nearly a year after FAB joined NZBA, an initiative comprising global banks that commit to reducing emissions by 2050 through responsible lending and investments.
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.