Blue Carbon, an environmental asset developer active in Africa and Asia, and First Abu Dhabi Bank (FAB) have signed a significant Memorandum of Understanding (MOU) to advance carbon reduction initiatives and promote sustainable development.
FAB, the UAE's largest bank and a leader in green finance, has set an ambitious goal of dedicating $75 billion to sustainable finance initiatives by 2030, with $14.2 billion already allocated to environmentally and socially responsible solutions.
The MOU was officially signed during a ceremony in Abu Dhabi by Blue Carbon Chairman Sheikh Ahmed Dalmook Al Maktoum and FAB Global Markets Group Head Sameh Al Qubaisi. UAE's Minister of Economy Abdullah bin Touq Al Marri, attended the ceremony along with several other representatives from FAB and Blue Carbon.
Amid the global fight against climate change, as underscored by the recent Africa Climate Summit, climate finance plays a pivotal role. The collaboration between Blue Carbon and FAB is poised to accelerate climate progress and direct vital green investment toward essential mitigation projects.
The collaboration between Blue Carbon and the prominent sustainable finance institution, FAB, is poised to expedite climate advancements and direct essential green investment capital toward necessary mitigation projects.
Sheikh Ahmed Dalmook Al Maktoum, Chairman of Blue Carbon, noted, "We see immense potential in the collaboration between Blue Carbon and FAB to elevate climate finance to new heights. By aligning our efforts with the sustainability ambitions of both FAB and the UAE, we are charting a course toward fulfilling the crucial objectives of the Paris Agreement and creating lasting positive impacts."
This collaboration will also streamline carbon offset transactions between Blue Carbon and FAB, aligning with FAB's overarching sustainability goals, the climate mitigation agenda of COP28, and the UAE's ambitious NetZero2050 vision.
Blue Carbon collaborates with countries to enable investments in projects generating internationally transferable carbon reductions. These projects involve entities committed to Net Zero goals and align with the Paris Agreement. Blue Carbon offers expertise in developing and facilitating carbon projects, including ITMOs, collaborating with both the public and private sectors to support their Net Zero objectives under Article 6 of the Paris Agreement.
FAB, the UAE's largest bank, operates globally across five continents, providing financial strength and expertise to local, regional, and international businesses. Recognised as one of the world's largest and socially responsible banks, FAB holds total assets of AED 1.1 trillion ($312 billion) as of June 2023. It boasts impressive ratings from Moody's, S&P, and Fitch and is acknowledged as the UAE's most valuable banking brand. FAB is also a sustainability leader, included in prominent ESG indices.