Mashreq to facilitate Dhs110bn in sustainable finance by 2030

Mashreq Bank has been hailed as one of the top contributors in the banking sector to the UAE Banks Federation’s (UBF) pledge, to mobilise Dhs1tn in sustainable finance by 2030.

Mashreq pledged to facilitate Dhs110bn ($30bn) in sustainable finance by 2030, building on the bank’s years of sustainable finance deployment and ongoing efforts that have seen it facilitating financing for multiple adaptation-related projects in Egypt, the UAE, Qatar, Saudi Arabia and Bahrain.

“As a leading banking institution in the MENA region, we believe we can make the biggest difference through our ability to direct capital flows and provide our clients with solutions that go beyond the realm of financing,” said Ahmed Abdelaal, group CEO of Mashreq.

“Facilitating access to financing is a crucial part of the sustainability transition, and our $30bn by 2030 commitment to sustainable finance is a testament to our active contribution and strong dedication to this milestone.”

Mashreq’s commitment to sustainable finance is part of its Climb2Change global initiative, which integrates the bank’s wide-ranging environmental, social and governance (ESG) milestones and its impactful contributions to shaping a sustainable future and facilitating the finance required to combat climate change and a net zero inclusive future.

The initiative builds on Mashreq’s active participation in COP28 and underscores the bank’s unwavering commitment to driving sustainability and impact, in line with its ‘Rise Responsibly’ principle to create awareness and combat climate change.

Mashreq’s efforts in the sustainable finance space echo the bank’s support of net zero uptake across the region.

The bank supports the UAE’s Net Zero by 2050 Strategic Initiative and recently joined the World Green Building Council’s (WorldGBC) Advancing Net Zero Readiness Framework as a Collaborator in the MENA region.

It has also committed to the Science Based Targets initiative’s Corporate Net-Zero Standard, reinforcing its position at the forefront of industry sustainability best practices in MENA.

Mashreq fosters sustainability

Mashreq has made significant strides in its sustainability journey, obtaining third-party assurance for its sustainability report in line with international standards.

The bank has financed sustainable and adaptation-linked investments worth more than $15.5bn since January 2021 as businesses and governments globally are increasingly recognising that ESG risks and opportunities are fundamental to guarantee long-term success.

Earlier in April, the lender said it joined the World Green Building Council’s (WorldGBC) advancing net zero readiness framework as a collaborator in the MENA region to advance sustainable investing.

Meanwhile, the UBF said local banks have pledged to mobilise Dhs1tn in green finance at the COP28 climate talks, joining a growing list of pledges on everything from building renewable energy to helping farmers improve soil quality.

The mobilisation of green finance advances the forward-looking sustainable finance ambitions of the UAE and sets the foundations for enabling sustainable transformation and climate action.

Read: COP28: UAE financial sector commits to mobilising Dhs1tn in sustainable finance