Dubai, United Arab Emirates--(Newsfile Corp. - September 22, 2023) - Blue Carbon, a UAE-based environmental asset developer with a portfolio of projects across Africa and Asia, and First Abu Dhabi Bank (FAB), the UAE's largest bank and a green financial powerhouse, have entered into a momentous Memorandum of Understanding aimed at advancing carbon reduction initiatives and championing sustainable development. As a leading sustainable finance institution, FAB has set an impressive target of deploying 75 billion USD in sustainable finance initiatives by 2030 out of which 14.2 billion has already been facilitated to activities focused on environmental and socially responsible solutions.
Climate finance is increasingly assuming a central role in the global battle against climate change, as highlighted in the recent Africa Climate Summit. The partnership between Blue Carbon and FAB is therefore set to accelerate climate progress and channel crucial green investment capital towards much needed mitigation-based projects. The initiatives and transactions envisioned as part of this agreement will not only contribute to crucial climate targets but also usher in vital community livelihood support and climate resilience.
This partnership will see the establishment of long-term collaboration initiatives between FAB and Blue Carbon that will drive the development and implementation of initiatives related to carbon emission reduction credits, environmental conservation and sustainability. These projects, spearheaded by Blue Carbon, will be fully compliant with the requirements set forth in Article 6 of the Paris Agreement, making them eligible for corresponding adjustments in alignment with Nationally Determined Contributions (NDCs).
The monumental MOU was signed by Blue Carbon Chairman, Sheikh Ahmed Dalmook Al Maktoum and Mr. Sameh Al Qubaisi, Group Head of Global Markets at FAB, at a signing ceremony held in Abu Dhabi. His Excellency Abdullah bin Touq Al Marri, Minister of Economy, was in attendance in addition to several other FAB and Blue Carbon representatives.
Commenting on this transformative collaboration, 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 towards fulfilling the crucial targets of the Paris Agreement and creating lasting positive impacts."
This partnership will also facilitate carbon offset transactions between Blue Carbon and FAB that align with FAB's overarching sustainability objectives, the climate mitigation agenda of COP28 and the UAE's impressive NetZero2050 vision.
About Blue Carbon:
Blue Carbon works closely with partner countries to develop the frameworks that allow large companies and entities to proactively invest into projects that can generate internationally transferable carbon reductions. These companies, most often, have publicly disclosed Net Zero commitments or may be part of the respective country's Net Zero Strategy in line with the Paris Agreement. Blue Carbon offers instrumental expertise through end-to-end development and facilitation services for carbon projects, particularly in the form of ITMOs. Blue Carbon partners with Public and Private sector to reach their Net Zero goals in compliance with the transferability of environmental assets compliant to Article 6 of the Paris Agreement.
About First Abu Dhabi Bank (FAB)
FAB is the UAE's largest bank with an international network that spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is consistently ranked one of the world's largest, safest and most socially responsible banks. A global bank and regional banking powerhouse, FAB is established in 20 markets from the Americas to Asia, and is known for consistently delivering results, generating returns and creating value.
FAB is proactively shaping the future with purposeful action for sustainable growth. With total assets of AED 1.1 Trillion (USD 312 Billion) as of June-end 2023, FAB is rated Aa3/AA-/AA- by Moody's, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. FAB was named the UAE's most valuable banking brand in the 2023 Brand Finance UAE 50 and Brand Finance Banking 500 rankings. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker's Top 1000 World Banks 2022 rankings, measured by Tier 1 capital, ranked FAB as #2 in the UAE, #5 in the Middle East and #90 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of 'A'), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
Dubai, United Arab Emirates
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