Abu Dhabi, November 14, 2017: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has emerged as the highest scoring UAE financial institution for its latest climate change response to global environmental disclosure platform, CDP, (formerly the Carbon Disclosure Project). FAB achieved an A- ranking for 2017, moving from Management to Leadership level for its commitment to address climate change and reduce its climate impact.
CDP is an international non-profit that enables companies, cities, states and regions to measure and manage their environmental impacts. Over 6,300 companies with some 55% of global market capitalisation disclosed environmental data to CDP in 2017 for independent assessment against its scoring methodology, which evaluates a company’s awareness of environmental issues, its management methods, and progress towards environmental stewardship.
Based on CDP’s scoring methodology, Leadership level organisations are required to demonstrate a thorough understanding of risks and opportunities related to climate change, and have developed and implemented strategies to mitigate or capitalise on these risks and opportunities. These leading organisations have also had their reported greenhouse gas emissions verified by an independent third party and are implementing emissions reduction strategies to reach enterprise-wide goals.
Belinda Scott, Head of Corporate Sustainability at FAB, said: “As the world continues to face various environmental challenges, particularly when it comes to climate change, adopting a sustainable approach to business is no longer an option, but a necessity. As the UAE’s largest bank, we have a clear duty to conduct our business responsibly, support the country’s sustainability commitments and create economic, social and environmental value for our stakeholders.”
She continued: “As part of our ongoing efforts to balance FAB’s three pillars of sustainability – people, planet and profit, monitoring and measuring our environmental impact is a key priority, making our annual disclosure to CDP an important opportunity to gauge our progress and sustainability performance. Our A- score this year is a fantastic achievement which we are very proud of and look forward to strengthening even further in the months and years ahead. As we continue to grow stronger as one bank, we will build on our solid legacy to strengthen our position as a regional leader in sustainability, implementing progressive practices to enhance our targets, manage our climate change risks and identify new opportunities.”
The bank began to disclose and submit data on its direct and indirect greenhouse gas emissions to CDP in 2014, when it participated in a climate change pilot programme with CDP, Masdar and Abu Dhabi Sustainability Group. The bank moved from Disclosure level with a D ranking in 2015, to Awareness level with a B ranking in 2016.
The 2017 A- ranking from CDP is one of many milestones which demonstrate the bank’s commitment to corporate sustainability. The bank was also the first bank in the UAE to adopt the Equator Principles – the global best practice in environmental and social risk management for major capital projects, and launched the MENA region’s first green bond this year.
Additionally, the bank was one of the initial signatories of the ‘Dubai Declaration on Sustainable Financing’ in conjunction with the UAE Ministry of Climate Change and Environment, which cements the UAE banking sector’s commitment to promoting sustainable business.
FAB is continuing to build on its strong sustainability legacy since the merger earlier this year. FAB is proud to carry the legacies of two of the UAE’s leading financial institutions, as we celebrate our joint identity and vision to grow stronger.