Abu Dhabi Islamic Bank (ADIB), has become an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
The Principles are the leading framework for ensuring that banks’ strategies and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed the Principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.
ADIB recognises the urgent need for global action in addressing key challenges such as climate change, nature loss, pollution, and social issues. This strategic step aligns well with the bank’s ongoing efforts to champion environmentally conscious
initiatives and underscores its dedication to adopting sustainable business models. ADIB’s sustainable finance framework is designed to embed sustainability via structured criteria for assessing the quality of projects from a sustainability standpoint.
Similarly, its ESG strategy, aligned with the United Nations Sustainable Development Goals, emphasises key pillars including maximising positive impact, fostering customer partnership, fortifying economic footprint, nurturing people-centric culture, ensuring governance excellence, supporting communities.
Lamia Hariz, Head of ESG, Corporate Communications, Marketing Investor Relations at ADIB, said, ‘This signing is a monumental step that reinforces ADIB’s commitment to sustainability and responsible banking practices. This initiative, developed in collaboration with banks worldwide and the United Nations Environment Programme Finance Initiative, positions ADIB at the forefront of a global movement towards a sustainable banking industry. Our collective efforts
, alongside other global signatories, underscore our shared commitment to addressing pressing planetary crises and maximising positive social impact. Together, we embark on an unprecedented journey, steering the banking industry towards sustainability and a positive future for both people and the planet.”
Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies.
Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and p
lanet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.
Source: Emirates News Agency