Abu Dhabi Islamic Bank (ADIB) has provided AED 17.3bn in financing for sustainable projects by the end of 2024, as part of its goal to allocate AED 60bn towards sustainability initiatives by 2030, WAM reported.

The update was announced alongside ADIB’s 2024 sustainability report, detailing its progress in environmental, social and governance (ESG) practices, in alignment with the UAE Vision 2031 and the country’s net-zero 2050 strategy.

The report highlighted ADIB’s carbon reduction targets across six high-emission sectors, including real estate, utilities and housing finance, in line with International Energy Agency (IEA) net-zero scenarios and the UAE National Decarbonisation Plan.

ADIB conducted a “double materiality assessment” per European Sustainability Reporting Standards to analyse financial and societal impacts and risks across all ESG topics. The bank also released its first Green Sukuk allocation and impact report for its USD 500mn issuance, noting that 90% of proceeds funded renewable energy, energy efficiency, and sustainable water infrastructure projects, offsetting an estimated 607,000 tonnes of CO2 annually.

Operationally, ADIB reduced Scope 1 emissions by 87% compared to 2022 and Scope 2 emissions by 3.51%.

CEO Mohammed Abdelbary said sustainability is embedded as a core pillar of the bank’s 2035 vision, adding, “We are committed to ethical banking aligned with climate goals, from leading regional green sukuk issuance to setting financed emission targets.”

ADIB also reported strong social impact progress, with Emiratis comprising 44% of its workforce. Women accounted for 72% of new Emirati hires and 39% of total staff.