UAE: Six major UAE banks under the UAE Banks Federation, namely First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD Bank, Dubai Islamic Bank, Mashreq and Abu Dhabi Islamic Bank, have collectively dedicated over AED190 billion (US$51.72 billion) in green financing for various projects in renewable energy, waste-to-energy and green technology by the end of 2022, a press release read.
The UAE Banks Federation highlighted the proactive role of the banking sector in combating climate change through green financing commitments and climate initiatives and said that providing green finance and issuing green-oriented funds has emerged as a powerful mechanism to meet sustainability commitments of various organizations in the UAE and the region.