ADIB advances sustainable finance agenda with Dhs17.3 billion in sustainable finance mobilised
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
8 hours ago
- Khaleej Times
OPEC, IEA crude oil demand forecasts may be too cautious
A key difference in crude oil demand forecasts between this year and 2024 is that both OPEC and the International Energy Agency (IEA) are being far more cautious in their growth expectations. While the Organisation of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ group publicly maintain that strong demand and a tight market justify increasing oil output, the numbers in their monthly report are more circumspect. It is largely the same for the IEA, which forecast in its July monthly report that global crude demand will grow by 700,000 barrels per day (bpd) in 2025, the slowest pace since 2009. OPEC's July report is slightly more bullish, forecasting oil demand will increase by 1.29 million bpd in 2025, with 1.16 million bpd coming from countries outside the developed economies of the Organisation for Economic Cooperation and Development (OECD). The forecasts from both the IEA and OPEC are now so cautious that they actually run the risk of being too pessimistic, especially in the top-importing region of Asia. This is in stark contrast to last year, when OPEC in particular was massively bullish in its demand forecasts even as Asia's crude oil imports were declining. There is, of course, a difference between demand forecasts and imports, but the level of seaborne imports is the key driver of crude prices, given it is this market, which accounts for about 40% of global daily oil demand, that sets the global prices. In its July 2024 monthly report OPEC forecast that Asia's non-OECD oil demand would rise by 1.34 million bpd in 2024, with China accounting for 760,000 bpd of this. However, Asia's crude imports actually declined in 2024, dropping by 370,000 bpd to 26.51 million bpd, according to data compiled by LSEG Oil Research. It was the first decline in Asia's oil imports since 2021, at a time when demand was hit by the lockdowns prompted by the COVID-19 pandemic. The gap between OPEC's bullish forecasts for much of 2024 and the reality of weak crude imports by Asia may have tempered the exporter group's forecasts for 2025. The question is whether they are now actually being too cautious. Asia recovery OPEC's July monthly report forecast that non-OECD Asia's oil demand will rise by 610,000 bpd in 2025, with China the main contributor at 210,000 and India, Asia's second-biggest crude importer, seeing an increase of 160,000 bpd. The IEA said in its July report that it expects China's total oil product demand to rise by 81,000 bpd in 2025, while India is expected to see a gain of 92,000 bpd. Total non-OECD Asia is forecast to see demand rise by 352,000 bpd. Both the OPEC and the IEA numbers seem modest, especially since Asia's crude imports actually saw relatively strong growth in the first half of 2025. Asia's imports in the first six months of the year were 27.25 million bpd, an increase of 510,000 bpd from the same period last year, according to calculations based on LSEG data. Imports increased in the second quarter, especially in China, as refiners took advantage of the weakening trend in oil prices that prevailed at the time cargoes were being arranged. It is likely that some of the increase in oil imports was used to build inventories, a process that may extend into the second half if oil prices remain soft as OPEC+ increases output amid the economic uncertainty created by U.S. President Donald Trump's ongoing global trade war. If there is one lesson to be learnt from the difference between this year's circumspect oil demand forecasts and last year's buoyant estimates, it is that price plays a far bigger role in demand, especially in Asia. Part of the reason Asia's crude imports fell short of forecasts in 2024 was because prices remained elevated for much of the year, reaching above $92 a barrel in April and only briefly dropping below $70 in September. This year, prices have been softer, with benchmark Brent futures peaking at just over $82 a barrel in January, and trading as low as $58.50 in May.
Arabian Post
11 hours ago
- Arabian Post
Oil Demand Peaks Early as Global Seasonality Shifts
Global crude consumption is now cresting in the third quarter rather than the fourth, as China and India's surging summer demand upends decades of winter-driven market patterns. The reversal of the traditional seasonality, first observed around 2015, is being amplified in 2025, with implications for supply strategies, prices and refinery operations worldwide. OPEC's July report highlights strong refinery throughput in June, with intake rising by 2.1 million bpd—clear evidence of robust travel-season fuel consumption in the Northern Hemisphere. Concurrently, China's major state refiners ramped up processing to over 80% capacity in late June, the highest level in five years, aiming to stockpile low inventories before peak third-quarter demand. Asia's crude imports also surged, reaching around 28.7 million bpd in June—led by China and India—though analysts caution that much of this is stockpiling due to previously low prices rather than immediate consumption. Meanwhile, OPEC+ is preparing to increase production by roughly 548,000 bpd in August to capture this heat-driven demand surge. Still, markets remain cautious as economic headwinds in OECD nations and China's decelerating demand provide counterbalance. China's slower industrial growth, boosted NEV uptake and cooling property sector have all contributed to flattening its fuel demand growth. ADVERTISEMENT India, by contrast, is bucking the global trend. OPEC forecasts India's oil consumption to increase by 3.4 percent in 2025—more than double China's expected growth. The IEA also projects India to lead global demand growth through 2030, driven primarily by diesel and aviation fuels amid industrial expansion. IEA data confirms a structural shift in seasonality, with winter-fuel usage declining sharply in developed nations and seasonal peaks now centred on summer transport and industrial fuel cycles. That makes Q3 the new high-water mark for global oil demand. EIA forecasts, however, provide a nuanced counterpoint: while Q3 demand is heightened, they predict average Brent prices easing from about $69/barrel in 2025 toward $58 in 2026, reflecting broader supply growth and weaker Q4 demand. U. S. shale output, which peaked at 13.4 million bpd in the second quarter, is expected to edge lower through 2026. Refiners in Asia, particularly China, remain under pressure due to low product stockpiles. Despite processing rates in late June reaching five‑year highs, inventories of diesel and gasoline remain near six‑year lows—spurring sustained high throughput to meet demand. Prices are responding. Brent crude hovered around $69 a barrel following OPEC's July update, while analysts view the Q3 price uptick as partially technical, lacking support from a clear economic rebound. The EIA's projection of Q4 WTI at $82 suggests that, although demand is migrating earlier in the year, some price pressure is expected to persist into the colder months. The seasonality transition poses strategic conundrums for OPEC+, which must time its output hikes precisely to align with this new demand curve. Should the group misjudge demand timing or overproduce, inventories could swell and prices could retreat. Meanwhile, consumer markets may benefit from lower winter fuel prices, but refiners accustomed to traditional heating demand may struggle with a flatter seasonal cycle. Structural shifts underpinning this phenomenon include rising EV adoption in China and natural gas heating in developed markets, which have diminished heating-oil demand. In contrast, summer travel and logistics-led diesel demand in Asia have risen sharply. According to the IEA, non-OECD countries accounted for nearly all global oil consumption growth in 2025, while OECD demand stagnated or declined. Asia's combined crude import expansion of 620,000 bpd year-on-year also underscores this regional divergence. To summarise developments shaping global oil markets this year, demand now peaks in Q3—a shift driven by evolving consumption patterns and the ascent of Asian fuel use. Policymakers, refiners and oil producers are all recalibrating to these new dynamics. How well they adapt may define market stability as the second half of the year unfolds.
Zawya
11 hours ago
- Zawya
PDO leads Oman's energy transition with breakthrough net zero projects
MUSCAT: Petroleum Development Oman (PDO), the largest producer of oil and gas in the Sultanate of Oman, is spearheading an ambitious and innovative transition toward a Net Zero future by 2050, underscoring its unwavering commitment to sustainability, energy efficiency, and climate responsibility. As published in the July edition of Wealth, a newsletter by the Ministry of Energy and Minerals, PDO's strategic roadmap reflects a clear alignment with Oman Vision 2040 and global goals for decarbonisation, as it pushes ahead with a series of integrated projects that merge energy production with significant emissions reduction. Among its most notable initiatives is a pioneering pilot project in the Dhulaima field, which marks a major milestone in carbon management and enhanced oil recovery (EOR). In a move that reflects a paradigm shift in the application of sustainable production technologies, PDO has successfully deployed carbon dioxide (CO₂) injection into the Upper Shu'aiba reservoir—an area previously considered inaccessible due to the limitations of conventional water injection and low rock permeability. The results were promising, with the CO₂ injection yielding a positive pressure response and no gas breakthrough, demonstrating both technical feasibility and reservoir stability. This pilot not only opens access to substantial untapped oil reserves but also supports emissions reduction through a carbon capture, utilisation and storage (CCUS) framework. What sets the Dhulaima project apart is its rapid and efficient execution. Delivered within just 12 months, the initiative stands as a clear example of PDO's capability to carry out complex engineering tasks with exceptional coordination and precision. The achievement also highlights the dedication and collaboration of multidisciplinary teams who delivered the project on schedule, with an exemplary safety record and zero health or environmental incidents—a hallmark of operational excellence in Oman's energy sector. In parallel with its work in CCUS and EOR, PDO is expanding its investments in renewable energy to reduce its carbon footprint across all operations. The company has set a target of generating 30 per cent of its operational energy requirements from renewable sources by 2026, a key stepping stone in its broader Net Zero strategy. Several large-scale solar projects are currently underway. Among them are Riyah-1 and Riyah-2, which, with a combined capacity of 200 megawatts, represent the first projects of their kind globally to be undertaken by an oil and gas company. Once operational in the last quarter of 2026, they are expected to offset around 740,000 tonnes of carbon dioxide emissions annually. Another major development is the North Concession photovoltaic solar project, also with a capacity of 100 megawatts and expected to be commissioned in the second quarter of 2026. This project alone will contribute to a reduction of more than 220,000 tonnes of emissions each year. Meanwhile, PDO's Amin photovoltaic solar power plant, which became operational in 2020, has already delivered a cumulative reduction of over 1.1 million tonnes of carbon dioxide emissions. The Miraah solar thermal steam generation project also continues to support clean steam supply for enhanced oil recovery, ranking among the world's largest facilities of its kind. Complementing these are smaller-scale but equally impactful initiatives such as the Dhiyaa project in Al Jazir, which supplies solar power to public buildings while promoting renewable energy awareness within local communities. At PDO's Mina Al Fahal headquarters, the company has implemented a car park solar project, now in its third phase, which contributes to the reduction of approximately 1,800 tonnes of carbon dioxide equivalent emissions annually. Equally critical to PDO's environmental strategy is the sustainable management of produced water, which presents both operational challenges and emissions concerns due to its energy-intensive disposal requirements. PDO has adopted a nature-based solution through the Nimr Wetlands project, which uses reed beds to naturally purify water With a treatment capacity of 175,000 cubic metres per day, this project not only avoids the release of 113,000 tonnes of carbon dioxide annually but also supports biodiversity, having created a desert habitat for over 140 species of birds and animals. Additionally, the Rima Water Treatment Plant, launched in 2022, employs innovative biological processes to treat around 40,000 cubic metres of water daily. This initiative has resulted in energy savings equivalent to 10 megawatts, translating into a further reduction of 48,000 tonnes of carbon dioxide emissions each year. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
