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ADIB provides AED 5.5bn sustainable finance in 2023

ADIB provides AED 5.5bn sustainable finance in 2023
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ADIB
ADIB
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Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank’s (ADIB) sustainable finance reached AED 5.56 billion in 2023, including the issuance of the world's largest green sukuk by a bank, raising $500 million.

ADIB has set net-zero targets for Scope 1 and Scope 2 emissions by 2030 and announced specific reduction targets for six portfolio sectors, according to an annual environmental, social, and governance (ESG) report.

The bank reduced its Scope 1 emissions by 65% compared to 2022. It has also enhanced its ESG governance, updated over 12 related policies, and provided significant ESG training for its employees.

Efforts in diversity and inclusion have increased women's workforce participation to 39%.

ADIB continues to support local communities, providing grants to over 30 organisations and has strengthened its commitment to responsible banking by signing the UNEP FI Principles of Responsible Banking and participating in COP28 as an Associate Pathway Sponsor.

Mohamed Abdelbary, Acting CEO at ADIB, said: “integrating robust ESG frameworks into our operations, we are not only enhancing our service offerings but also contributing to the global efforts towards a sustainable future.”

“This year’s report highlights our dedication to improving our social and environmental influence and ensuring ongoing success as a responsible and ethical financial institution,” Abdelbary added.

ADIB logged a net profit of AED 1.45 billion during the first quarter (Q1) of 2024, up from AED 1.10 billion in Q1-23.