- ADCB named in the MSCI ‘industry leader’ category for managing ESG risks and opportunities
- Upgrade reflects ADCB’s progress in sustainable finance, ESG due diligence, best-in-class privacy management, and business ethics practices
- New 2024 ADCB Green Bond Report showcases how the Bank’s financing of environmental projects delivers positive impact
Abu Dhabi, 20 November 2024: Abu Dhabi Commercial Bank P.J.S.C. (‘ADCB’) has achieved an upgrade in its MSCI environmental, social and governance (ESG) rating to “AA” from “A”, reflecting the Bank’s progress in sustainable finance initiatives, ESG due diligence, industry leading data privacy management and security, as well as business ethics practices. The upgrade places ADCB in the MSCI ‘industry leader’ category for managing ESG risks and opportunities.
ADCB’s strongest result came from the impact of its environmental financing, achieving a score of 9.1 out of 10. This reflects the Bank’s strategic priority, having financed AED 47.5 billion in sustainable activities since 2021, and successfully issuing AED 4.2 billion in green bonds.
ADCB is also pleased to announce the launch of its second Green Bond Report detailing the impact of the Bank’s Eligible Green Loan Portfolio which has grown 84% YoY with estimated financed emissions avoided of 1.8 million tonnes of CO2 equivalent, annually. The report is independently assured in accordance with its Green Bond Framework, based on the International Capital Markets Association (ICMA) Green Bond Principles.
The Green Bond Report is part of ADCB’s enhanced climate strategy to support the UAE’s transition to a net zero economy. The Bank is a proud member of the UN-convened Net Zero Banking Alliance (NZBA), a group of over 140 leading global banks with more than USD 74 trillion in total assets committed to financing climate action and reducing their emissions in line with the goals of the Paris Agreement.
Ala’a Eraiqat, Group Chief Executive Officer of ADCB, said: “This notable ESG rating upgrade reflects ADCB’s commitment to industry leading practices in sustainability. As a major UAE financial institution, we recognise the importance of managing our impacts for the benefit for our stakeholders.
Sustainability is a cornerstone of our corporate strategy and we continue to integrate environment and social considerations into our lending decisions and to increase sustainable financing. Our 2024 Green Bond Report showcases how the Bank’s financing of environmental projects delivers a positive impact for society and supports the UAE Net Zero by 2050 strategic initiative.”
