Abu Dhabi Islamic Bank has announced its commitment to allocate 17.3 billion dirhams for financing sustainable projects by the end of 2024, as part of its ongoing efforts to reach a target of 60 billion dirhams for sustainable project financing by 2030.
This announcement coincides with the release of the bank’s 2024 sustainability report, which details the tangible progress made in enhancing environmental, social, and governance (ESG) practices. This aligns with the UAE’s strategy and vision for 2031, aimed at achieving climate neutrality by 2050.
This year’s report highlights key achievements, including the bank’s declaration of carbon reduction targets across specific sectors.
The targets span six sectors, particularly focusing on high-emission fields such as real estate, utilities, and residential financing. This is in line with the climate neutrality scenarios issued by the International Energy Agency and the UAE’s national decarbonization strategy.
Additionally, the bank has released its first report on the allocation of proceeds from green bonds, detailing the impact of its issuance amounting to 500 million dollars.
The bank allocated 90% of the proceeds from these green bonds in December for projects in renewable energy, energy efficiency, and sustainable water infrastructure, which contributed to neutralizing over 607,000 tons of estimated annual emissions.
Regarding operational performance, the bank has successfully reduced scope 1 emissions by 87% compared to 2022 and achieved a 3.51% decrease in scope 2 emissions.