First Abu Dhabi Bank takes strides toward net zero ambition with … – Sustainability Magazine

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As part of its ambitious roadmap to net-zero by 2050, which aligns with global banking peers also signed up to the NZBA, FAB plan to not only achieve net zero in it own operations but alo reduce carbon intensity in high-emitting sectors – transitioning all operational and attributable GHG emissions (Scope 1, 2, and 3) from its lending and investment portfolios. 

Earlier this year, it became the first bank in the MENA region to set financed emissions reduction targets, scoping its portfolio to identify the highest emitting sectors and clients and setting targets across three key sectors – oil and gas, power, and aviation. 

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Following on from this first wave of sector disclosures, FAB is now taking its net-zero strategy to even greater heights.

Expanding emissions reductions targets to five new sectors

Ahead of COP28, the lender has extended its financed emissions reduction targets to include five further high-emitting sectors – agriculture, aluminium, cement, commercial real estate and steel.

According to FAB’s just-published Pathway to Net Zero report, the combined targets for the eight sectors will cover 90% of the bank’s financed emissions for corporates. 

Among 2030 sector targets, FAB is looking to reduce scope 1, 2 and 3 emissions by up to 45% in agriculture, up to 32% in steel, and up to 55% in commercial real estate. 

With such targets, the bank is looking to “inform and enable better investment decisions as well as advance the growth objectives of our clients, as they pursue their own transition and decarbonisation ambitions”, says CSO, Shargiil Bashir, who has led FAB’s ESG efforts for the last three years.

FAB – 2030 sector financed emissions reduction targets

Oil and gas -7% to -15%

Power -64%

Aviation -15%

Agriculture -35% to -45% 

Aluminium -32% 

Cement -25% 

Commercial Real Estate -45% to -55%

Steel -26% to -32%

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