Mashreq bank has been announced as one of the top contributors in the banking sector to the UAE Banks Federation’s (UBF) pledge, to mobilize AED 1 Trillion in sustainable finance by 2030 at the event hosted by the Central Bank of the UAE in Global Climate Action through Fostering Sustainable Finance at COP 28.
Mashreq’s commitment to facilitating AED 110 billion (US$30 billion) in sustainable finance by 2030 builds on years of sustainable finance deployment and ongoing efforts that have seen the bank facilitate financing for multiple adaptation-related projects, including water projects in Egypt, the UAE, Qatar, Saudi Arabia, and Bahrain.
Highlighting the significance of the bank’s contribution to the UAE banking sector’s pledge, Ahmed Abdelaal, Group CEO of Mashreq, said,
"We are extremely proud to be one of the top contributors to the UAE banking sector’s AED 1 Trillion commitment to sustainable finance and thank the UBF and the Central Bank of the UAE for their leadership and guidance in supporting Mashreq’s role in the advancement of the national climate agenda. Facilitating access to financing is a crucial part of the sustainability transition, and our US$30 Billion by 2030 commitment to sustainable finance is testament to our active contribution and strong dedication to this milestone.”
Mashreq’s commitment to sustainable finance is part of its Climb2Change global initiative, which integrates the bank’s wide-ranging ESG milestones and its impactful contributions to shaping a sustainable future and facilitating the finance required to combat climate change and a net zero inclusive future.
News Source: Emirates News Agency
