Gulf International Bank (GIB) announced its participation in the R.A.C.E Sustainability Summit where it joined the latest signatories of the Abu Dhabi Sustainable Finance Declaration during the first edition of Abu Dhabi Finance Week (ADFW) hosted by Abu Dhabi Global Market (ADGM).
The Abu Dhabi Sustainable Finance Declaration is a voluntary membership-based initiative launched by ADGM in 2019 under the auspices of the Ministry of Climate Change and Environment, the Central Bank of the UAE and the Securities and Commodities Authority. As a member, GIB enhances its support for strengthening the UAE’s sustainability footprint and furthering its own strategy and position as a market leader in sustainable finance.
Representing GIB at the Summit, Khaled Abbas, Group Head of Wholesale Banking and UAE Country Head, joined sustainability leaders and fellow signatories to reflect on key outcomes and agreements of the COP27 Conference concluding in Egypt and looking ahead towards a landmark COP28 to be hosted by the UAE in 2023.
Commenting, Mr. Abbas said, “GIB is delighted to be a signatory to the Abu Dhabi Sustainable Finance Declaration. As part of our commitment to sustainability, we have already made great strides in promoting the use of green financing instruments by the Bank itself and in support of our clients’ financing needs. With sustainability at the heart of our business model, we look forward to meaningful cooperation in order to further increase the quality and depth of green financial products in Abu Dhabi and support the creation of a thriving sustainable finance industry across the UAE and broader region.”
GIB coordinated the issuance of green financing instruments for a range of clients in the GCC. In 2021, the Bank closed its own US$625 million sustainability-linked syndicated loan (SLL), making it the first Bahrain-headquartered bank and the first majority Saudi-owned bank to close such a facility. Most recently, in October 2022, GIB became a partner in Saudi Arabia’s Voluntary Carbon Market (VCM) initiative, launched by the country’s Public Investment Fund (PIF), and took part in the world’s largest-ever carbon credit auction of 1.4 million tonnes, purchasing carbon credits that, alongside other initiatives, offset the Bank’s entire 2021 emissions.