Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) recently signed memoranda of understanding (MoUs) with renewable energy company Masdar and environmental asset developer Blue Carbon to boost the carbon trading market across MENA.
The MoUs aim to supply high-quality carbon credits and support the development of carbon markets in the region while endorsing FAB’s objective of becoming the UAE’s carbon trading hub, according to a press release.
The agreements will further expand the bank’s carbon trading and financing options for its clients, in addition to connecting UAE sustainability leaders directly into the emerging MENA carbon trading market.
Mohamed Jameel Al Ramahi, CEO of Masdar, which is known as Abu Dhabi Future Energy Company, noted that the firm has been active in carbon markets for 15 years through its investments and projects.
Meanwhile, Chairman of Blue Carbon, Sheikh Ahmed Dalmook Al Maktoum, said the company is focused on advancing carbon reduction, economic empowerment, and community livelihood support in the countries where it operates.
FAB is also a founding member of the UAE Carbon Alliance, a group of public and private sector entities that collaborate to promote low-carbon development and green economy in the UAE.
It is worth noting that the UAE lender generated AED 8.15 billion worth of net profits during the first half (H1) of 2023, signalling the highest-ever results achieved by the group in a half-year period.
