Mashreq commits AED 110 billion to UAE banking sector’s AED 1 trillion sustainable financing commitment by 2030

Mashreq bank has been announced as one of the major contributors of the banking sector to the UAE Banks Federation (UBF) commitment to mobilize AED 1 trillion in sustainable finance by 2030 at the event organized by the UAE Central Bank on Global Climate Action by Scaling Up Sustainable Finance at COP 28.

Mashreq’s commitment to facilitate AED 110 billion (US$30 billion) in sustainable finance by 2030 builds on years of sustainable finance implementation and ongoing efforts that have seen the bank facilitate financing for multiple projects related to adaptation, including water projects in Egypt, the United Arab Emirates, Qatar, Saudi Arabia and Bahrain.

Highlighting the importance of the bank’s contribution to the engagement of the UAE banking sector, Ahmed Abdelaal, CEO of Mashreq Groupsaying,

“We are very proud to be a major contributor to the UAE banking sector’s AED 1 trillion commitment to sustainable finance and thank UBF and the UAE Central Bank for their leadership and guidance in supporting the role of Mashreq in advancing the national economy. “Facilitating access to finance is a crucial part of the transition towards sustainability, and our commitment of $30 billion by 2030 to sustainable finance is testimony to our active contribution and our strong dedication to this milestone.”

Mashreq’s commitment to sustainable finance is part of its global Climb2Change initiative, which integrates the bank’s extensive ESG milestones and impactful contributions to shaping a sustainable future and facilitating the financing needed to combat climate change and a net zero future. inclusive.

News source: Emirates News Agency