First Abu Dhabi Bank (FAB)

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