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Arabian Business
07-07-2025
- Business
- Arabian Business
Abu Dhabi Islamic Bank mobilises $4.63bn in sustainable finance, leads region in green sukuk
Abu Dhabi Islamic Bank (ADIB) announced it has mobilised AED17bn ($4.63bn) in sustainable finance by the end of 2024, marking major progress toward its AED60bn ($16.3bn) commitment by 2030. The milestone was detailed in the bank's newly released 2024 Sustainability Report, which outlines ADIB's environmental, social, and governance (ESG) progress in line with the UAE Net Zero 2050 and UAE 2031 national strategies. ADIB became the first Islamic bank in the region to publish sector-specific financed emissions targets, focusing on six high-emission sectors including real estate, utilities, and home finance. Abu Dhabi Islamic Bank These interim 2030 targets align with IEA Net Zero scenarios and the UAE's national decarbonisation goals. The report also showcases ADIB's: Double materiality assessment aligned with European Sustainability Reporting Standards (ESRS) First Green Sukuk allocation and impact report for its $500m green issuance Allocation of 90 per cent of Green Sukuk proceeds toward renewable energy, energy efficiency, and sustainable water infrastructure, resulting in 607,000 tonnes of avoided annual emissions Mohamed Abdelbary, Group Chief Executive Officer at Abu Dhabi Islamic Bank, 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'. Abu Dhabi Islamic Bank reported an 87 per cent reduction in Scope 1 emissions and a 3.51 per cent drop in Scope 2 emissions compared to 2022. These gains are attributed to continued investments in energy efficiency, electrification, and operational optimisation. The bank's double materiality approach ensures that it evaluates not only how sustainability affects business performance but also how ADIB's operations impact people, planet, and economy—in line with global best practice for corporate sustainability disclosures. Beyond environmental goals, ADIB strengthened its social impact commitments:
Times of Oman
19-06-2025
- Business
- Times of Oman
CBO joins network for greening the financial system
Muscat: The Central Bank of Oman (CBO) has officially announced its membership in the Network for Greening the Financial System (NGFS), a global alliance of central banks and supervisory authorities aimed at enhancing the financial sector's resilience to climate-related and environmental risks. Launched during the "One Planet Summit" in Paris in December 2017 with eight founding members, the NGFS has since expanded into a worldwide network comprising over 160 central banks and regulatory bodies. The initiative seeks to collaborate with members in transforming the financial and banking systems into environmentally friendly and sustainable models. This is achieved through knowledge-sharing, cooperation, and the adoption of international best practices in developing regulatory frameworks to promote sustainability. The CBO's membership underscores its steadfast commitment to building a resilient, sustainable, and forward-looking financial system. This move aligns with Oman Vision 2040, the Sultanate of Oman's national strategy for a structured transition toward net-zero emissions, as well as the launch of the National Environmental Policy for Energy. As part of its strategic climate initiatives, the CBO has introduced a comprehensive regulatory framework and roadmap designed to advance sustainable and green finance in line with international standards and Oman's goal of achievingcarbon neutrality by 2050. These efforts include phased disclosure requirements for licensed financial institutions, alongside active participation in global climate initiatives, such as those led by the G20. Through this membership, the CBO joins a collaborative international effort to promote sustainable finance and strengthen the financial sector's readiness in addressing escalating challenges posed by climate change and ecosystem degradation. —— Ends/AH
