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Foreword Message
Shargiil Bashir
Chief Sustainability Officer
As the largest bank in the UAE, FAB has taken decisive steps as a regional pacesetter in the financial industry to bind both ambition and action together to accelerate the pace of positive environmental change. As the first bank in the MENA region to have committed to a target of
Read moreAs the largest bank in the UAE, FAB has taken decisive steps as a regional pacesetter in the financial industry to bind both ambition and action together to accelerate the pace of positive environmental change. As the first bank in the MENA region to have committed to a target of net-zero emissions by 2050, we're making advances across our own operations in addition to walking alongside our clients as their strategic partner to ensure they can achieve their climate goals.
FAB Environmental, Social and Governance (ESG) Strategy
Transitioning to a low Carbon Future
- To become the model sustainable financial institution in the Middle East and North Africa
- To act in partnership with our stakeholders to accelerate the transition to a Net Zero society and economy
Capitalising on our Social Responsibility
- To expand access to financial services for all - in particular underbanked groups
- To foster a diverse, inclusive and equitable organisation
Transforming our Governance Model
We will commit to the highest standards for ESG accountability, transparency and risk management.
ESG Ratings and Scores
Last updated in December 2024
17.3
AA
C
80
17.3
AA
C
80
Sustainalytics: 0 to 40+ (0 = lowest risk/best score) | MSCI: CCC to AAA (AAA = best rating) | CDP: F to A (A = best score) | Refinitiv: 0-25 to >75-100 (>75-100 = best quartile)
FAB Sustainability ESG
Net-Zero and the Net-Zero Banking Alliance
01
Achieving Net-Zero to stop global warming
'Net-Zero' means finding a balance between the amount of greenhouse gas produced and the amount removed from the atmosphere.
The term Net-Zero is important because - for C02 at least - this is the state at which global warming stops.
02
The UAE Net-Zero by 2050 Strategic Initiative
The UAE is the first nation in the Middle East and Africa to commit to a national drive to achieve Net-Zero emissions by 2050.
The UAE Net-Zero Agenda aligns with the Paris Agreement, which calls on countries to prepare long-term strategies to reduce greenhouse gas (GHG) emissions and limit the rise in global temperature to 1.5 C when compared to pre-industrial levels.
03
Net-Zero Banking Alliance (NZBA)
An industry-led and UN-convened Alliance that brings together banks worldwide, with members committing to align their lending and investment portfolios with net zero emissions by 2050.
In 2021, FAB joined the NZBA. In line with it, the bank aims to support clients in their transition towards a climate-neutral economy through innovative financing and advisory services.
In 2023, FAB was selected by member banks to be part of the Steering Group of the NZBA, taking the seat for the MEA region.
In 2024, FAB was elected Chair of the Steering Group of the NZBA, the governance entity which oversees the Alliance’s decision-making and strategy.
