ADCB signs pledge to support UAE Net Zero by 2050 Strategic Initiative
Abu Dhabi Commercial Bank PJSC (ADCB) announced today that it has signed the UAE Climate-Responsible Companies Pledge with the Ministry of Climate Change and Environment (MOCCAE), reaffirming its commitment to supporting the UAE’s climate agenda and Net Zero by 2050 Strategic Initiative.
The pledge, which was signed at Abu Dhabi Sustainability Week, is in line with ADCB’s board-approved sustainability strategy and complements the Bank’s existing efforts to embed best ESG practices across its operations and decision-making.
Commenting on the signing, Richard Hirst- Head of Sustainability at ADCB said: “As a responsible organisation, ADCB is fully committed to supporting the great strides that the UAE is making in the global fight against climate change. We are actively pursuing partnerships and opportunities to accelerate our efforts and support our clients in the shared journey towards a carbon neutral environment. The UAE Climate-Responsible Companies Pledge that the Ministry of Climate Change and Environment is leading is a significant initiative that will help catalyse the private sector to increase its contribution towards the UAE national climate agenda.”
As part of the pledge, ADCB has committed to a set of critical steps that will accelerate and deepen its contribution to the UAE Net Zero by 2050 Strategic Initiative. These include the development and disclosure of an ambitious science-based plan to reduce the Bank’s carbon footprint. This will build on our existing greenhouse gas emissions reporting and ADCB will work closely with the UAE government and other relevant stakeholders to put these plans into action.
For further information on our approach, including examples of climate action such as the new ADCB Green Bond Framework, please see the designated ADCB ESG website adcb.com/esg.
Abu Dhabi Commercial Bank
ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.
ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.
ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.