Abu Dhabi Islamic Bank (ADIB) has revealed it has mobilised an impressive Dh 17 billion in sustainable finance as of the end of 2024. This is a significant milestone in its journey towards realising a total of Dh 60 billion in sustainable finance by 2030.
The announcement aligns with the release of the bank’s 2024 Sustainability Report. The report puts a spotlight on their progress in areas like climate alignment, ESG governance, and inclusive growth, all of which are in line with the UAE’s ambitious Net Zero 2050 strategy and Vision 2031.
This year’s report also brings something new to the table. ADIB has introduced sector-specific financed emissions targets, becoming the first Islamic bank in the region to set such interim targets for 2030. These benchmarks cover several high-emission sectors, including real estate and utilities, all of which are in sync with the IEA Net Zero scenarios and the UAE’s plans to decarbonise.
Additionally, ADIB conducted a double materiality assessment as per the European Sustainability Reporting Standards (ESRS). The aim was to evaluate both the financial and societal impacts of their activities, a move crucial for understanding the economic, environmental, and social implications and opportunities of their business practices.
Adding to their sustainable finance ethos, ADIB unveiled a Green Sukuk allocation and impact report for their $500 million issuance. As of December 2024, 90% of the proceeds have found their way to renewable energy, energy efficiency, and sustainable water infrastructure projects.
The bank’s operational emissions have also seen a commendable decline. There was an 87% fall in Scope 1 emissions compared to 2022, alongside a 3.51% drop in Scope 2 emissions. These reductions highlight ADIB’s ongoing investment in energy-saving measures, electrification, and operational optimisation.
Mohamed Abdelbary, ADIB’s Group CEO, stated that sustainability is a cornerstone of their vision for 2035. He proudly acknowledged their role in facilitating customer transitions and championing ethical, inclusive, and climate-conscious banking. .
