FAB joins Mastercard’s Priceless Planet Coalition to advance climate action in UAE
- Announced at COP28, the partnership supports the UAE’s National Carbon Sequestration Project roadmap
- The Coalition contributes to the UAE’s mangrove planting and restoration efforts that boost the country’s climate change mitigation and adaptation capabilities
Dubai, UAE; 11 December 2023: First Abu Dhabi Bank (FAB) has become the latest member of Mastercard’s Priceless Planet Coalition, a global initiative that unifies corporate efforts to restore 100 million trees with the aim of contributing 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.
The announcement of the collaboration was followed by a panel discussion with global executives at the 28th UN Climate Change Conference (COP28), on the topic of ‘How can organisations contribute to and raise awareness on retail consumer action?’ The panel included Gina Petersen-Skyrme, Vice President and Country Business Development Lead, UAE & Oman, Mastercard; Paul Cox, SVP & Head of Products, Everyday Banking and Lending, FAB; Daniel Mateos, Head of Marine Conservation, Emirates Nature-WWF; and Rachid El Ameri, Regional General Manager, Fever.
As a strategic pathway partner of COP28, FAB has been featuring an immersive showcase at its pavilion which brings to life the impact of the coalition as well as offers visitors the opportunity to contribute to these efforts.
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 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.
ENDS
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About FAB
Headquartered in Abu Dhabi with a strategic global footprint across 20 markets, FAB is the finance and trade gateway to the Middle East and North Africa region (MENA). With total assets of AED 1.2 trillion (USD 323 billion) as of September-end 2023, FAB is among the top 50 banks globally by market capitalisation and one of the world’s largest banking groups. The bank provides financial expertise to its wholesale and retail client franchise across four business units: Investment Banking, Corporate and Commercial Banking, Consumer Banking, and Global Private Banking. FAB is listed on the Abu Dhabi Securities Exchange (ADX) and rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, with a stable outlook. On sustainability, FAB holds an MSCI rating of ‘A’, also ranked among the top 10% of banks globally by Refinitiv’s ESG Scores and the best performer in the MENA region. FAB is a strategic pathway partner of the 28th UN Climate Change Conference of Parties (COP28), which is being held in the UAE from November 30 to December 12, 2023.
For further information, visit: www.bankfab.com