FAB signs up to UN Global Compact
First Abu Dhabi Bank (FAB), the UAE’s largest bank has become the first signatory to the United Nations Global Compact (UNGC)–a UN policy initiative encouraging businesses worldwide to adopt sustainable and socially responsible policies.
The UN Global Compact is the world's largest corporate social sustainability initiative with over 12,000 signatories across 170 countries. By signing the UN Global Compact, FAB has agreed to align its strategies and operations with UNGC’s 10 Principles–which encompass human rights, labour, the environment and anti-corruption–and take actions that advance societal goals.
The 10 UNGC principles are aligned with the UN’s Sustainable Development Goals (SDGs), which apply to all countries. The UAE released its first State of Sustainability Report in 2016 which set out goals to meet the 17 SDGs, ranging from eradicating poverty and improving education to providing clean water for all.
“We are proud to be a signatory to the UN Global Compact, which emphasises our dedication to implementing responsible business practices and supporting the UAE’s commitments to green growth and sustainability. In line with our three pillars of sustainability – people, planet and profit – we have achieved significant milestones in creating social, environmental and economic value for our stakeholders, successfully establishing the bank as a regional leader in sustainability. Joining the UNGC is an extension of our ongoing commitments to transparency and maintaining high ethical standards across everything we do,” said Belinda Scott, Head of Corporate Sustainability at FAB.
Reflecting FAB’s commitment to address climate change and reduce its climate impact, the bank emerged as the highest scoring UAE financial institution for its latest climate change response to global environmental disclosure platform, CDP (formerly the Carbon Disclosure Project), achieving an A- ranking for 2017.
“FAB’s sustainability strategy is already based on implementing progressive practices and embedding a strong sustainability culture throughout the organisation, and we are pleased to be playing our role in fostering development across the globe and driving change towards a more sustainable future,” said Scott.
The organisation was also the first bank in the UAE to adopt the Equator Principles–the global best practice in environmental and social risk management for major capital projects, and launched the MENA region’s first green bond this year.
Additionally, the bank was one of the initial signatories of the ‘Dubai Declaration on Sustainable Financing’ in conjunction with the UAE Ministry of Climate Change and Environment, which cements the UAE banking sector’s commitment to promoting sustainable business.
FAB is continuing to build on its strong sustainability legacy since the merger earlier this year. FAB is proud to carry the legacies of two of the UAE’s leading financial institutions, as the bank celebrates its joint identity and vision to grow stronger.