First Abu Dhabi Bank

The Consolidated Financial Statements for the year ending 31 December 2023 are currently under audit. Final approval is pending from the Central Bank of UAE and will subsequently be presented to shareholders for adoption at the Annual General Meeting.

First Abu Dhabi Bank (FAB) has announced plans to lend, invest, and facilitate over AED500 billion (USD135 billion) in sustainable and transition financing by 2030, marking an 80% increase from its 2021 commitment. This represents the largest sustainable finance commitment by any bank in the Middle East and North Africa region to date. FAB's commitment accounts for more than half of the AED1 trillion (USD270 billion) pledge made by UAE banks for sustainable finance at COP28. The bank will also include transition financing projects and early-stage innovative climate solutions in its target. The new target is seen as a minimum, not a maximum.

First Abu Dhabi Bank (FAB), the largest bank in the UAE, has become the first bank in the MENA region to publish a climate report in line with the Task Force for Climate-Related Financial Disclosures (TCFD) framework. The report outlines FAB's progress in four key areas: governance, strategy, risk management, and metrics and targets related to climate change. The TCFD framework encourages organisations to outline the resilience of their strategies to climate-related risks and opportunities. The report is expected to help FAB's investors and stakeholders understand how the bank considers and assesses climate-related risks and opportunities.

First Abu Dhabi Bank (FAB) has expanded its financed emissions reduction targets to include five more sectors: agriculture, aluminium, cement, commercial real estate, and steel. This is in addition to its 'Wave 1' sectors of oil & gas, aviation, and power generation. The combined targets for these eight sectors are expected to cover 90% of FAB's corporate financed emissions. This is part of the bank's commitment to become net zero by 2050, aligning with its membership in the Net Zero Banking Alliance. The 2030 reduction targets vary by sector, with the highest reductions expected in agriculture and commercial real estate.