ADCB launches its Sustainable Call Account to support corporate customers pursue environmental goals
Date
11/14/2023 4:51:54 AM
(MENAFN- Iris Media Press Services) Abu Dhabi, UAE: Abu Dhabi Commercial Bank (ADCB) has launched a Sustainable Call Account to provide a new avenue for corporate banking customers in the UAE to manage funds while contributing to their social and environmental goals.
The launch of sustainable products and services is core to ADCB’s enhanced ESG (environmental, social and governance) strategy, which is aligned with the UAE’s ambitions to create an inclusive, net zero economy.
Funds deposited by corporates and institutions in an ADCB Sustainable Call Account are directly allocated to sustainable and green bonds within the Bank’s Treasury investment book in accordance with principles set by The International Capital Market Association (ICMA).
The ADCB Sustainable Call Account provides ADCB clients with a convenient channel to increase exposure to sustainable assets, with account holders having access to an annual report that will be published on the impact of deposited funds, consolidated at a portfolio level. Access to funds and management of the account is available in real time through ADCB’s digital cash management platform, ProCash.
In this Year of Sustainability in the UAE, and as the country prepares to host the COP28 climate conference, ADCB is expanding its offering to support customers pursue their sustainability agenda.
The Bank provides corporate clients with renewable energy project finance, sustainability-linked loans and advisory services on green bond issuance, with further products and solutions in the pipeline. For Retail banking customers, ADCB is providing preferential mortgages for the purchase of more sustainable, energy-efficient homes, as well as auto loans to incentivise greater uptake of electric and hybrid vehicles.
The Bank has successfully issued two green bonds to channel global capital into renewable and clean energy projects in the UAE. Since 2021, ADCB has achieved 25% growth in its sustainable finance portfolio, and a 61% year-on-year increase in its green loan portfolio, which now stands at over USD 1.65 billion.
ADCB is committed to maximising its positive impact on society, empowering customers and creating lasting value for communities. To deliver on this mandate, the Bank has fully integrated ESG into its corporate strategy and adopted a Group Sustainability Policy and an Environmental and Social Risk Management (ESRM) Policy.
ADCB has the highest ESG rating among diversified banks in the region from one of the world’s leading ESG rating agencies, Sustainalytics.
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