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“Abu Dhabi Islamic Bank” announces its sponsorship of the Conference of Parties “COP28”
- 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.
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.
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.
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The UAE has long-term strategies for environmental sustainability
According to a study conducted by the Regional Center for Strategic Analyzes in Abu Dhabi, sustainability strategies and tackling climate change are at the top of the national action agenda in the UAE. The UAE’s contributions and initiatives during COP 28 gained greater regional and international momentum, support for achieving a better harmonized formula for environmental protection and sustainability, and international pledges to allocate hundreds of billions of dollars to finance climate and sustainable projects.
Interregional said the UAE is making progress in strengthening its environmental leadership by investing tens of billions of dollars and providing legislation, regulatory frameworks, initiatives and policies to address climate change. Participation in dozens of contracts and initiatives around the world.
In this context, Interregional released the “UAE Environmental Achievement Index 2023” to monitor and track the performance of the country’s environmental initiatives in the field of environment and climate, measuring and monitoring 32 sub-indicators since its inception. “UAE Vision 2021” in 2010 to 2022. He also gave predictions till the year 2030.
The Environmental Performance Index is the arithmetic mean of four sub-indicators, namely: climate change, biodiversity, maintenance of a healthy and clean environment and environmental awareness and behaviour, as per the guidelines for developing composite indicators issued by the Organization for Economic Co-operation and Development (OECD).
The center emphasized that the UAE’s approach to climate change has become a priority for government action, in an effort to be “zero climate neutral” and invest in green resources. In this aspect. He explained that there are many motives and reasons behind the UAE’s high priority of addressing the phenomenon of climate change. This comes in the backdrop of the state’s keenness to achieve its strategic plans on climate change. Among the key concepts that have made climate change a government priority are the catastrophic effects worldwide, in particular: droughts and floods, inundation of cities, waves of displacement, damage to agriculture and infrastructure, and degradation. Global food security crises.
The UAE has adopted a comprehensive approach to addressing the climate change crisis, seeking to achieve environmental sustainability through an integrated legislative and regulatory framework, in coordination and cooperation with the international community in this regard. Approach: Localize clean energy, adopt peaceful nuclear energy and support climate legislation and knowledge frameworks, and coordinate with the international and regional community to support international efforts to address climate change. To achieve climate neutrality by 2050, the UAE has won the trust of the international community to host COP28 from here.
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Chagr Kobash discusses strengthening bilateral relations with the head of the Moroccan Council of Councillors
Dubai: “The Gulf”
The Speaker of the Federal National Council, Zachr Kobash, met with the Speaker of the House of Councilors, Al-Nam Mayara, in the sister kingdom of Morocco, during his participation in the International Parliamentary Assembly at the twenty-eighth session of the conference. States Parties to the United Nations Conference on Climate Change (COP28) taking place at Dubai Expo City.
Ways of enhancing bilateral cooperation, improving communication and coordination on various issues of common interest, importance of visits and exchange of experiences, enhancing parliamentary coordination and consultation were discussed. It serves the interests of the two brotherly countries and peoples as per the vision of future opportunities in various fields between the two countries.
The Chairman of the Council of Advisors, Al-Nam Mayara, and the accompanying delegation were welcomed by Sakr Kobash, who appreciated their participation in the International Parliamentary Assembly within the twenty-eighth session of the Conference of States Parties to the United Nations Convention on Climate Change. The Federal National Council brings together all parliamentarians and focuses on practical solutions to achieve sustainable results. Our initiatives and conference outcomes link to the main conference, highlighting the important role parliamentarians can play in global issues.
Kobash pointed out that the UAE is keen to fight climate change in the region and globally and is the first Gulf country to sign the Paris Agreement. Climate neutrality by 2050 and it now owns three of the largest solar power plants in the region.
Al-Nam Mayara, for his part, emphasized the depth of deep-rooted and established historical brotherly ties that unite the Kingdom of Morocco and the Emirates as a sister country and their cooperation in many fields.
Mayara praised the success of the organization of the Federal National Council and the hosting of the COP28 conference and the efforts announced by the UAE in support of climate change issues and its efforts in the fields of sustainable development, innovation, artificial intelligence, space. and the empowerment of women and youth.
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CEO of Dubai Media meets Bahrain’s Minister of Information
During their visit to the Kingdom of Bahrain, the CEO of Dubai Media, Mohammed Sulaiman Al Mulla, along with the Managing Director of Media Content Department at Dubai Media, Salem Palyuha, the Minister of Information of the Kingdom of Bahrain, Dr. Ramzan Bin Abdullah Al Nuaimi, and discussed ways to improve cooperation with him. In various fields of media work, especially media exchange and training, and ways to build capacity between the two sides. Highlighting Dubai Media’s multi-channel and platform experience and the advanced media services it offers, the collaboration model contributes to the delivery of creative media products and supports the efforts of the two fraternal countries at the development level. .
During the meeting, the Minister of Information welcomed the visit of the CEO of Dubai Media Incorporated to the Kingdom of Bahrain, which comes within the framework of the historic ties of brotherhood, love and cooperation that bind the two brotherly countries and peoples. He emphasized that Bahraini-Emirati relations are witnessing continuous growth in light of the strong ties between the leadership and people of the two countries, and the mutual interest in reaching these relations to heights that meet common aspirations at all levels. “Dubai Media” and plays an effective role in providing services. Media with high competitive levels and quality standards, noting the continued cooperation between media organizations in the two sister countries, expressing its desire to benefit from further coordination and expertise. Both sides.
Muhammad Sulaiman Al Mulla Dr. Ramzan bin Abdullah expressed his happiness at meeting Al Nuaimi and emphasized that Emirati-Bahrain relations are an example of strong brotherly ties. He said: “The United Arab Emirates and the Kingdom of Bahrain are linked by historical ties, the roots of which stretch back decades. Shared visions between the two countries have helped their growth and development, as the relationship is based on stable elements based on common culture, social and historical heritage,” the two brothers said. The relationship between the countries has resulted in a rich reality of cooperation in various fields, including trade and economic exchange. He praised the state of the media in the Kingdom of Bahrain and the significant growth it is witnessing, its high-level capabilities and its commitment to expressing the true Arab and Gulf identity and values. The Kingdom is committed to further development and mainstream media. He wished for progress.The department emphasized the importance of relationships linking Dubai Media with companies.
The Dubai Media Group, along with the Minister of Information and several officials of the Ministry, visited the new studios of the Ministry of Information and News Department, where they were briefed on the technological and artistic development of these fields. The delegation also asked for a detailed explanation of the state-of-the-art equipment available in the television and radio broadcasting departments, the role of each department in serving the media message of the Kingdom of Bahrain and its efforts to articulate the Kingdom’s policy.
The delegation expressed its appreciation for the advanced levels reached by the media in the Kingdom of Bahrain in terms of form and content and the modern capabilities it enjoys in the field of media work comparable to the most modern international media channels. Bahrain praised the media workers and their outstanding skills and creative energies. Capable of providing cutting-edge and exclusive media content, Bahrain Media represents a pioneering school with a unique identity professionally, wishing the Kingdom of Bahrain and its people continued progress and prosperity.
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