First Abu Dhabi Bank (FAB) has announced that it will lend, invest and facilitate over $135bn in sustainable and transition financing by 2030.

The new target, an 80 per cent increase over FAB’s 2021 commitment represents the largest sustainable finance commitment made by any MENA bank to date.

As part of FAB’s announcement at the UN Climate Change Conference (COP28), the bank will expand its target to include transition financing projects and early-stage innovative climate solutions.

HH Sheikh Tahnoon bin Zayed Al Nahyan, chairman of FAB, said: “FAB is deeply integrated into the UAE’s ambition on climate change and net-zero, placing sustainability at the heart of social and economic progress. Across the Group, we believe in the urgency to scale investments and financing, as the foundation of climate action. In setting even more ambitious sustainable finance targets by 2030, we are expanding our commitment. Our objectives will accelerate the decarbonisation journey, while supporting the UAE vision and regional, and global net zero agenda.”

Since 2021, FAB has facilitated over $27bn in sustainable projects towards renewable energy, clean transportation, green buildings and social projects.

The enhanced target is the latest in FAB’s sustainability milestones. In October 2021, FAB joined the industry-led and UN-convened Net Zero Banking Alliance (NZBA), becoming the first Gulf Cooperation Council (GCC) bank to commit to net-zero by 2050.

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