First Abu Dhabi Bank (FAB) has joined Mastercard’s Priceless Planet Coalition, a global initiative that unifies corporate efforts to restore 100 million trees to contribute to the fight against climate change.
The partnership supports the UAE’s National Carbon Sequestration Project, which aims to plant 100 million mangroves by 2030.
In the UAE, the Priceless Planet Coalition works as a collaborative platform between Mastercard, Conservation International, Emirates Nature-WWF and the World Resources Institute (WRI) with the support of the Dubai Charity Association (DCA). Its local efforts focus on the restoration and expansion of mangrove forests and other coastal ecosystems in the Northern Emirates, including Umm Al Quwain, Sharjah and Ajman.
Mangroves offer significant climate change mitigation and adaptation co-benefits, as they not only act as powerful carbon sinks but also protect coasts from storm surges, erosion and sea level rise while providing habitats for a wide variety of marine species. Healthy mangrove ecosystems also bring economic value to local communities, as they play a key role in maintaining sustainable fish stocks.
“As the largest bank in the UAE, FAB is committed to helping the country achieve its net-zero ambitions and strengthen its climate change adaptation capabilities. Our membership in the Priceless Planet Coalition will enable us to drive focused mangrove-planting efforts, which will have a tangible positive impact on our climate and environment,” said Futoon Al Mazrouei, Group Head of Consumer Banking, UAE, FAB.
Soils found in mangroves in the MENA region are excellent ways to sequester carbon, making it the ideal way to positively impact the environment. The UAE is pursuing a target of planting 100 million mangrove seedlings by 2030, announced at the 26th UN Climate Change Conference (COP26) in Glasgow in 2021 and incorporated into its updated second Nationally Determined Contribution (NDC) under the Paris Agreement.
“In line with its philosophy of doing well by doing good, Mastercard is harnessing the power of partnerships to preserve a healthy climate and environment for the next generations. We are delighted to welcome FAB to our Priceless Planet Coalition and look forward to joining forces to build a future where people and the planet can thrive,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.
Through the combined dedication of government authorities, financial institutions, businesses and consumers, the Priceless Planet Coalition develops and implements initiatives that benefit the environment and climate. Formed in January 2020, it currently runs 18 forest restoration projects worldwide.
