logo
ADIB advances sustainable finance agenda with Dhs17.3 billion in sustainable finance mobilised

ADIB advances sustainable finance agenda with Dhs17.3 billion in sustainable finance mobilised

Gulf Today07-07-2025
Abu Dhabi Islamic Bank (ADIB) has reported the mobilisation of over Dhs17 billion in sustainable finance as of year-end 2024, marking continued progress toward its Dhs60 billion sustainable finance commitment by 2030.
This update coincides with the release of ADIB's 2024 Sustainability Report, which details material advancements in climate alignment, ESG governance, and inclusive growth in line with UAE Net Zero 2050 strategy and UAE 2031 vision.
This year's report highlights key achievements, including the publication of ADIB's first sector-specific financed emissions targets, making it the first Islamic bank in the region to set such interim 2030 targets.
These cover six high-emission sectors, such as real estate, utilities, and home finance, aligned with IEA Net Zero scenarios and the UAE's national decarbonisation strategy.
As part of its commitment to international best practices, ADIB also conducted a double materiality assessment in accordance with the European Sustainability Reporting Standards (ESRS) to evaluate both the financial and societal impacts of its activities, a critical step to understand the material impacts, risks and opportunities (IROs) on the economy, environment, and people.
ADIB's Double Materiality Assessment was performed within the context of each of the ESRS topical standards, covering environmental, social, and governance issues.
ADIB also published its inaugural Green Sukuk allocation and impact report for its US$500 million Green Sukuk issuance. As of December 2024, 90 percent of proceeds have been allocated toward renewable energy, energy efficiency, and sustainable water infrastructure, contributing to over 607,000 tonnes of estimated annual avoided emissions.
Operationally, ADIB reported an 87 percent drop in Scope 1 emissions compared to 2022 and a 3.51 per cent reduction in Scope 2. These improvements reflect continued investments in energy efficiency, electrification, and operational optimisation across the Group.
Commenting on this, Mohamed Abdelbary, Group Chief Executive Officer at ADIB, said, 'Putting sustainability at the heart of what we do is one of the three key pillars of our 2035 vision. We're proud of the progress we're making, and how we're using our financing to contribute to the transition of our customers and the economy. Our latest sustainability disclosures reflect our steadfast commitment to ethical, inclusive, and climate-aligned banking. From leading the region in green sukuk to setting the benchmark on sectoral decarbonisation, we are taking decisive steps toward a low-carbon future.
Abdelbary added, 'Our double materiality assessment reinforces ADIB's commitment to credible, decision-useful disclosure. It ensures we understand not only how sustainability impacts our business but how our business impacts the environment, society and economy. This is central to how we plan, report and act.
ADIB continued to strengthen its social impact agenda in, achieving a 44 percent Emiratisation rate, with women comprising 72 per cent of UAE national hires and 39 per cent of the total workforce.
WAM
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Global coal demand to remain on a plateau in 2025, 2026: IEA
Global coal demand to remain on a plateau in 2025, 2026: IEA

Zawya

time2 days ago

  • Zawya

Global coal demand to remain on a plateau in 2025, 2026: IEA

PARIS: Global coal demand is likely to remain broadly unchanged this year and next, despite short-term fluctuations across several major markets in the first half of 2025, according to the IEA's latest update on the sector released today. The Coal Mid-Year Update shows that global coal demand increased to a new all-time high in 2024 of around 8.8 billion tonnes, up 1.5% from 2023, as rising consumption in China, India, Indonesia and other emerging economies more than offset declines in advanced economies in Europe, North America and northeast Asia. However, several of those trends reversed in the first half of 2025 as demand declined in China and India due to weaker growth in electricity consumption and strong increases in power generation from renewable sources. By contrast, coal use grew by around 10% in the United States as robust growth in electricity demand combined with higher natural gas prices drove up coal consumption for power generation. In the European Union, coal demand was broadly flat, with lower consumption by industry offsetting higher demand from electricity generation. Despite these short-term variations, the report notes that the underlying structural drivers of the world's coal use remain broadly unchanged. As a result, it forecasts a slight increase in global coal demand in 2025, followed by a marginal decline in 2026, bringing demand to just below 2024 levels. This remains consistent with the forecast published in December in Coal 2024, the IEA's annual coal market report, with the main changes of note since then including downward revisions for global economic growth and the important energy policy shift in favour of coal in the United States. Over the whole of 2025, coal demand in China is expected to decline slightly, by less than 1%. In the United States, demand is forecast to grow by around 7%, and in the European Union, it is set to decrease by nearly 2%. 'While we have seen contrasting trends in different regions in the first half of 2025, these do not alter the underlying trajectory of global coal demand,' said IEA Director of Energy Markets and Security Keisuke Sadamori. 'We expect the world's coal consumption to remain broadly flat this year and next, in line with our previous forecast, although short-term fluctuations remain possible in different regions due to weather conditions and the high degree of economic and geopolitical uncertainty. As in past years, global coal trends continue to be shaped overwhelmingly by China, which consumes almost 30% more coal than the rest of the world combined.' The power sector remains the dominant source of coal demand in China and globally. But industrial use of coal in China, particularly in steel and chemicals, is also large enough to influence global trends. Global coal production is expected to rise to a new record in 2025, driven by continued output growth in China and India, which rely on coal for ensuring their energy security priorities. However, the report anticipates a decline in global coal production in 2026, as high stock levels and lower prices begin to weigh on supply. Coal trade volumes, which rose steadily in recent years, are projected to contract in 2025 for the first time since the 2020 Covid-related downturn. This decline is expected to continue into 2026, which would mark the first consecutive two-year drop in global coal trade volumes this century, according to IEA data.

Here's why UAE bank customers will no longer receive OTPs via texts and emails
Here's why UAE bank customers will no longer receive OTPs via texts and emails

The National

time2 days ago

  • The National

Here's why UAE bank customers will no longer receive OTPs via texts and emails

Customers of UAE banks will no longer receive one-time passwords for online financial transactions through SMS and email starting on Friday, according to messages seen by The National. Instead of the passwords, or OTPs, customers will have to authenticate transactions within their mobile banking apps, which experts say is step in the right direction to in efforts to boost security of digital banking and customer protection. 'SMS and email OTPs for online transactions will be phased out from July 25. Switch to ADIB mobile app for in-app authentication,' says an SMS received from Abu Dhabi Islamic Bank, Abu Dhabi's biggest Sharia-compliant lender. Citi Bank customers have also received an email notifying them of the change. 'We are enhancing the way you approve your online card transactions to provide you with greater security. As part of this upgrade, SMS OTP is no longer supported,' the email says. The lender says the change will be rolled out in phases and asks customers to download the bank app and complete their registration. After registration, customers will receive in-app authorisation requests to approve online purchases. However, the Central Bank of the UAE told The National on Thursday that it has not issued an official notice particularly addressing the cancellation of OTP through SMS or email. Mashreq, Dubai Islamic Bank and First Abu Dhabi Bank offered no comment, while Abu Dhabi Commercial Bank, Emirates NBD and Commercial Bank of Dubai did not respond to requests for comment. Experts say the move is aimed at improving security and reducing fraud attempts through SMS or email-based OTPs. These methods are increasingly used by cyber criminals to steal from customers. The rise of fraud involving contactless payments has raised questions about consumer protection and banks' security measures. The UAE's status as a regional business centre, with a high concentration of wealth, makes it a target for cyber criminals, personal finance experts say. Fraudsters are drawn to the Emirates due to its affluent population, high internet use and the perception that consumers may be less cautious when conducting online transactions, says Carol Glynn, founder of Conscious Finance Coaching. Internet penetration – the percentage of a population that uses the internet – in the UAE stands at more than 96 per cent, making it one of the world's highest, Ms Glynn says. Customers travelling outside the UAE have complained of not receiving the SMS containing the OTP or receiving it after the valid time period. A banker who spoke to The National on condition of anonymity said they received a circular from the Central Bank outlining this change in May. 'This is part of comprehensive guidelines for banks and financial institutions with the subject line of prevention of fraud. The regulator said OTPs should not be shared through weak modes of communication, such as SMS and emails, as they are vulnerable and can be compromised,' they said. 'Instead, the Central Bank want to have more secure modes of communication, or two-way authentication in a way. So, they consider in-app as one of the better modes of communication.' The circular was issued with immediate effect, so banks and financial institutions were required to fast-track this transition, the banker said. Better modes of communication and transmission of financial information will reduce the potential for fraud incidents, which is an 'industry-wide concern'. This change will benefit not just banks, but the entire payment ecosystem in the UAE, he added. The move by UAE lenders is a critical step in strengthening digital banking security and reducing exposure tied to telecom system vulnerabilities, Benjamin Ward, regional financial institutions leader for the Middle East and North Africa at professional services firm Marsh, said. "This shift also places full responsibility for authentication integrity squarely on the banks themselves," he said. "However, threat actors won't stop - they'll shift tactics." Phishing activity and attempts at social engineering by scammers of tricking users into approving app-based transactions will continue. "Instead of SIM swaps or message interception, attackers will increasingly target internet banking, mobile apps, and core authentication systems directly," he added.

Oil Demand Peaks in Summer, Not Winter
Oil Demand Peaks in Summer, Not Winter

Arabian Post

time2 days ago

  • Arabian Post

Oil Demand Peaks in Summer, Not Winter

Arabian Post Staff -Dubai Global oil consumption has shifted, with demand now peaking in the third quarter instead of the traditional fourth, signalling a structural change reshaping markets during the summer months. Analysts point to stronger consumption from Asia—particularly China and India—alongside diminished heating fuel use in advanced economies as key drivers behind this trend, which carries significant implications for trading patterns, strategic reserves and pricing dynamics. Industry data show that consumption of heating oil and kerosene in wealthy nations has declined steadily. In the US, fewer households rely on refined petroleum for heating—dropping from 17 % in 1990 to just 9 % today—while Europe has seen even steeper falls. Conversely, jet fuel use during Northern Hemisphere summers has grown, especially as holiday travel resumes. This has pushed demand peaks into July–September, reversing a long-standing seasonal rhythm. Fuel consumption patterns in emerging economies present a stark contrast. Many countries, including those closer to the equator, rely on oil year-round for industrial power, electricity generation, and water desalination. Saudi Arabia, for instance, burned over 800,000 barrels per day of crude in just one summer to power air conditioning—a volume comparable to Belgium's entire daily petroleum demand. ADVERTISEMENT Climate change compounds the shift. Milder winters reduce heating demand, while hotter summers elevate energy needs for cooling and travel. In 2025 so far, global oil consumption in the third quarter is projected to exceed fourth-quarter levels by approximately 500,000 barrels per day—the fifth recorded year this has happened since 1991. This transformation carries consequences for market tightness and pricing. Although OPEC+ and rising non‑OPEC output have attempted to balance supply, physical markets appear increasingly tight during summer months. In mid-July, Brent crude hovered in the mid‑US$60s, reflecting supply constraints despite softening from spring lows. Speculative traders, noting robust seasonal demand, have also increased their net long positions in Brent and gasoil contracts. Asia's role has been pivotal. China ramped refinery runs to over 80 % of capacity in June—the highest levels in five years—as stockpiling alongside consumption drove strong throughput. Meanwhile, Asia's crude imports rose by around 510,000 bpd in the first half of 2025, underscoring the region's impact. Despite cautious forecasts from the IEA and OPEC—projecting crude demand growth of 700,000 bpd and 1.29 million bpd respectively—actual refinery intake and imports suggest potential underestimation. India's fuel consumption trends provide further insights. June data from the Petroleum Planning and Analysis Cell show fuel demand was 20.31 million tonnes—down 4.7 % from May but up 1.9 % year-on-year—reflecting monsoon-related dips typical through August and September. Diesel usage, especially linked to industry and logistics, is a key part of India's expanding consumption profile. OPEC+ has responded to these dynamics. In August, the alliance approved production increases of roughly 548,000 bpd aiming to satisfy peak Q3 demand. Simultaneously, US shale output remains robust; American producers reported nearly 13.5 million bpd in April, although well completion rates have slowed, reflecting the dependency on prices. Nevertheless, the market outlook grows more uncertain as it heads into fourth quarter. The EIA forecasts OECD inventories will build to 62 days' worth of supply in the second half of 2025—rising further to 66 days by end-2026—signalling a potential surplus as summer demand wanes. EIA projections for 2026 also expect US production to decline, with WTI prices retreating toward US$53 per barrel. Pricing reflects this shift. Oil markets have shown summer tightness in 2025, but expectations for a Q4 surplus weigh on medium-term prices. The IEA forecasts refinery throughput will drop from a projected August peak of 85.4 million bpd to about 81.7 million bpd by October, implying weaker demand later in the year. The shift in seasonality thus becomes a critical market pivot. Traders, refiners and producers must recalibrate strategies around production schedules, storage cycles and investment decisions. Q3 now demands heightened vigilance—from physical balancing to hedging strategies—while Q4 may require reassessment of storage utilisation and pricing risk.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store