First Abu Dhabi Bank (FAB)

In March 2023, FAB, the U.A.E.’s largest bank, set financed emissions reduction targets for its three largest emitting sectors: oil and gas, power generation and aviation. FAB’s 2030 targets are 7% to 15% emissions reductions in oil and gas (scope 1-3 production intensity), a 64% emissions reduction in power generation (scope 1 and 2 production carbon intensity) and a 15% emissions reduction in aviation. FAB also issued a five-year $600 million green bond in June 2023. FAB committed to facilitating over $75 billion in sustainable financing by 2030. In 2022, the first year of the commitment period, FAB facilitated $9.1 billion.