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Abu Dhabi - 15 July 2024: First Abu Dhabi Bank (FAB), the UAE’s largest bank and a regional banking powerhouse, is the most sustainable company in the Middle East and Africa and among the World’s 500 Most Sustainable Companies, according to global media leader TIME magazine and Statista.
FAB is the highest-ranked company from the Middle East and Africa to be included in TIME magazine’s inaugural World’s 500 Most Sustainable Companies list, and the only one from the GCC and Africa.
The 2024 ranking evaluated more than 5,000 companies from over 30 countries using key performance indicators related to sustainability including compliance with international reporting standards, emissions, and commitments to goals and initiatives. The top 500 companies span sectors from manufacturing and industrial production to food and beverage.
The methodology also emphasised companies that make trackable, public commitments to sustainability and demonstrate follow through on initiatives including Scope 1 and 2 emissions, energy consumption, and renewable energy usage.
Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “As one of the largest banks in the MENA region, we know that financial institutions must play a critical role in driving sustainable progress for our region and the world. This recognition by TIME magazine affirms our commitment to sustainability and underscores the impact our industry and region can make.
“FAB’s unwavering commitment to sustainability is inspired by the UAE leadership, who prioritise and model climate change action for our region and for the world, and it will continue to be a hallmark of our operations.”
FAB’s inclusion highlights its comprehensive sustainability strategy, and its reputation as a regional pacesetter in sustainable finance and climate action. In December 2023, FAB announced it will lend, invest and facilitate over AED 500 billion (USD 136 billion) in sustainable and transition financing by 2030, half of the UAE banking sector’s AED 1 trillion pledge.
The bank is also working with industrial and business clients to help them achieve net-zero goals across sectors ranging from aluminium to commercial real estate. An affirmed leader in carbon markets and in the green and social bond market, FAB also has market-leading ESG ratings.