FAB becomes the first bank globally to join the COP28 Net-Zero Transition Charter

Abu Dhabi, 10 November 2023: First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and strongest financial institutions, has become the first bank globally to join the COP28 Net-Zero Transition Charter.

The Charter was launched in November 2023 by the COP28 Presidency to mobilise and encourage the private sector to demonstrate bolder action on climate. Through this initiative, companies must commit to greater accountability in net-zero pledges.

FAB’s commitment to be the first bank signatory globally reflects the bank’s significant advances on climate action alongside its extensive commitment to transition to a low carbon economy.

These efforts are defined in FAB’s sustainability strategy and are underpinned by the bank’s net-zero by 2050 commitment as well as its target of facilitating US$75bn in sustainable financing for the period 2022-2030. FAB’s sustainability credentials and its future climate objectives strongly position the bank to deliver on the commitments in the Charter, including:

• Publicly setting 1.5°C aligned, science-based, credible, and transparent net-zero 2050 and interim emissions’ reduction targets;
• Committing to a net-zero aligned national pledge or an internationally recognised net-zero initiative that holds members to account for their net-zero pledges;
• Producing a credible net zero transition plan within one year of COP28; and
• Publicly reporting annual Greenhouse gas (GHG) emissions and progress on commitment to net-zero and transition plan

Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank (FAB), said: “At FAB, we believe that the COP28 Net-Zero Transition Charter will drive impactful climate progress across the private sector as it outlines the short-term and intermediate steps necessary for companies to advance their net-zero objectives. With this commitment, FAB is building on its compelling sustainability-related milestones with credible actions that will underpin our net-zero ambition.”

Joining the COP28 Net-Zero Charter follows a series of similar pledges and commitments by the bank. In October 2021, FAB joined the industry-led UN-convened Net Zero Banking Alliance (NZBA), and in doing so it became the first Gulf Cooperation Council (GCC) bank to commit to net-zero by 2050. FAB is also signatory to the Principles for Responsible Banking (PRB) as well as the Principles for Carbon Accounting (PCAF), amongst other internationally recognised initiatives.