Thursday, May 23, 2024

“Abu Dhabi Islamic Bank” announces its sponsorship of the Conference of Parties “COP28”

Date:

  • It plays an important role as an Islamic financial institution in the sustainable finance sector
  • Ensuring the Bank’s commitment to supporting the Strategic Initiative for Climate Neutrality 2050

Abu Dhabi: “The Gulf”

Abu Dhabi Islamic Bank, a leading Islamic financial services group, announced on Thursday that it will sponsor the Conference of the Parties (COP28) as a “supporting partner” from November 30 and throughout the duration of the event. From December 12, Expo City Dubai will be a key moment for global leaders, policy makers, scientists and companies to collaborate on climate action and work together to shape a more sustainable future.

During the conference, Abu Dhabi Islamic Banking will present a way to improve financial institutions for companies, society and governments. The Bank will contribute to ongoing engagement, awareness-raising initiatives and thought leadership on relevant topics including accelerating sustainable finance, advancing growth in the UAE, becoming a hub for green finance, and playing a role in supporting the financial sector. The net-zero economy.

Abu Dhabi Islamic Bank Group CEO Nasser Al-Awati said: “We are on the cusp of a turning point in the region, represented by the acceleration of climate action. In this regard, as the date of the Conference of the Parties (COP28) approaches, we are pleased to announce this strategic sponsorship, the Bank’s sponsorship and Participating as a partner in this process confirms our commitment to our key role in supporting sustainable action initiatives and promoting the UAE’s vision and goals to achieve climate neutrality. As a leading Islamic finance and banking institution, our activities are fundamentally based on taking into account governance, social justice and environmental dimensions. , and in line with our work within the framework of its ESG strategy, we will continue to work towards access to sustainable Islamic finance channels in the region.

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Our sponsorship of the Conference of the Parties (COP28) highlights our firm commitment to the UAE’s strategic initiatives, which will spare no effort in accelerating efforts to combat climate change and promoting environmental sustainability in financial decision-making processes.

Abu Dhabi Islamic Bank announced a sustainable financing framework that defines the basic elements of policies and guidelines for classifying projects as “green,” “social” or “sustainable” and the eligibility of projects for financing or refinancing under this framework. , including issuing green and social sukuk and sustainable sukuk. Abu Dhabi Islamic Bank received second-party opinion support from a framework called ISS Corporate Solutions (“ISS”), which ensured compliance with ICMA-issued principles in addition to green finance principles. and Principles of Social Finance by the Finance Market Association.

In this context, Abu Dhabi Islamic Bank recently succeeded in raising $500 million through the issuance of green sukuk, the first financial institution in the world to issue green sukuk denominated in US dollars. The Bank intends to allocate an amount equal to the net proceeds of the Sukuk to finance eligible green projects to accelerate climate change initiatives within the Bank’s sustainable financing framework.

In light of the important role finance plays in addressing climate change issues today, ADIB’s priority is to participate in many aspects of advancing the climate change agenda. Providing sustainable and green financing to customers, including offering green and sustainable financing products and reducing the bank’s carbon footprint.

The Bank is implementing procedures to quantify the emissions arising from its operational activities at its business portfolio level, and this step is considered necessary to set carbon removal targets that will guide and guide future actions. As part of these efforts, the Bank continues to work with financial experts, sustainability consultants and environmental organizations to effectively align its net-zero emissions strategy with international best practices, reflecting the Bank’s commitment to building transparency and accountability. Meaningful and sustainable change and impact on the environment.

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As a leading Islamic financial institution in the field of sustainable finance, Abu Dhabi Islamic Bank continues to support the green economy. The bank is committed to facilitating sustainable financing of green projects and providing the necessary financial support to achieve a low-carbon economy. The bank also announced a new strategy for environmental, social and corporate governance practices. , which aims to enhance the bank’s sustainable growth journey for the next three years, and cement its position as a responsible financial institution with a long-term future vision. Abu Dhabi Islamic Bank’s new announcement comes as a translation of its strategy to take advantage of market opportunities to transition to a “low carbon economy” in light of the current business climate. Companies are increasingly interested in developing their sustainable financing agenda.

Abu Dhabi Islamic Bank’s strategy for environmental, social and corporate governance practices is also fully aligned with the Bank’s sustainability framework, which includes key pillars such as promoting the Bank’s positive impact, strengthening and enhancing its position as a lifelong partner to its customers. Its economic footprint.

The strategy covers broad target areas, including environmental responsibility, sustainability and best practices within investment and financial decisions and implementing a framework for sustainable financing of environmentally friendly and sustainable products.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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