Mashreq, a leading financial institution in the MENA region, has been announced as one of the top contributors in the banking sector to the UAE Banks Federation’s (UBF) pledge, to mobilise AED 1 Trillion in sustainable finance by 2030 at the event hosted by the Central bank of UAE in Global Climate Action through Fostering Sustainable Finance at COP 28.
Mashreq’s remarkable commitment to facilitating AED 110 Billion ($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, KSA, and Bahrain.
Highlighting the significance of the bank’s contribution to the UAE banking sector’s pledge, Ahmed Abdelaal, Group CEO of Mashreq, said: "As a leading banking institution in the MENA region, we believe we can make the biggest difference through our ability to direct capital flows and provide our clients with solutions that go beyond the realm of financing. 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 $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.The Climb2Change initiative builds on Mashreq’s active participation in COP28 and underscores the bank’s unwavering commitment to driving sustainability and impact, in line with its ‘Rise Responsibly’ principle to create awareness and combat climate change.Mashreq’s partnership with COP28 follows its successful sponsorship of COP27 last year, marking two consecutive rounds of support for the world’s most crucial climate conference.
Mashreq’s efforts in the sustainable finance space echo the bank’s support of Net Zero uptake across the region. The bank supports the UAE’s Net Zero by 2050 Strategic Initiative and recently joined the World Green Building Council’s (WorldGBC) Advancing Net Zero Readiness Framework as a Collaborator in the MENA region. Mashreq has also committed to the Science Based Targets initiative’s (SBTi) Corporate Net-Zero Standard, reinforcing its position at the forefront of industry sustainability best practice in MENA.