Sustainalytics Upgrades ADCB’s ESG Risk Score, Making it Highest-Ranked Diversified Bank in GCCSource: www.export-egypt.com 10/12/2022, Location: Middle East |
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Abu Dhabi Commercial Bank PJSC (ADCB) has received an upgrade to its environmental, social and governance (ESG) risk score by Sustainalytics, one of the world’s leading ESG rating agencies.
ADCB’s overall Sustainalytics ESG risk score improved from 30.1 in March 2021 to 21.0 in September 2022, making ADCB the highest-ranked diversified bank in the GCC and a top quartile bank globally. The Sustainalytics ESG rating methodology scores an organisation on its management of ESG risks from 0 to 40+, with a lower score signifying a better management approach. ADCB saw an improvement across all the ESG material issues that Sustainalytics assesses, with the Bank seeing the biggest gains in its scores for data privacy and security, and business ethics. Sustainalytics now ranks ADCB among the top ten banks globally for managing risks related to data privacy and security. Ala’a Eraiqat, Group Chief Executive Officer of ADCB, said, “As a major financial institution, our aim is to maximise our contribution to the socio-economic development of the UAE, while managing risks and opportunities effectively to ensure the longterm sustainability of our business. Accordingly, we recently refreshed our ESG framework and embedded ESG into our corporate strategy, while also adopting a Group-wide Sustainability Governance Framework with Board oversight. The Bank is now fully aligned with the UAE’s ambitions for an inclusive, net-zero economy, and we remain committed to supporting our customers and our communities on their journey towards a low-carbon future.” Deepak Khullar, Group Chief Financial Officer at ADCB, said, “ADCB’s ESG risk score upgrade from Sustainalytics reflects the strong progress the Bank has made on sustainability over the last 18 months. ESG is now a key pillar of our corporate strategy, and we are building a more resilient bank for the future – one that has clear areas of focus around climate, customers & communities, employees and governance. As part of our new ESG strategy, we are actively introducing new products to help our clients transition to a low carbon economy. This adds to ADCB’s growing expertise in sustainable financing solutions, which includes green bonds, renewable energy project finance and sustainability-linked loans.” In September, ADCB issued its first ever green bond, raising US$500 million to support the financing of low-carbon initiatives. As a result of ADCB’s robust ESG approach, the Bank’s inaugural green bond was selected to feature within the Bloomberg MSCI Green Bond Index. |
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