As part of its strategy to support the UAE government’s initiatives on climate change, United Arab Bank (UAB) has launched Green Sustainable Finance products ahead of COP28 conference in Dubai on November 30.
The initiative, launched under retail banking, is designed to support customers seeking home or auto finance products for purchasing sustainable residential properties or vehicles, including both electric and hybrid models. The bank will offer special rates and fee discounts to assist its customers who are contributing to a greener future. In addition, UAB will honour each green sustainable finance agreement with planting of a tree or mangrove, symbolizing its commitment to environmental stewardship.
Commenting on the new initiative, Shirish Bhide, chief executive officer of UAB said: “The UAE government has introduced various strategic policies to meet the goal of achieving Net Zero by 2050. At UAB, we fully support environmental initiatives and we offer green finance product options to our customers.”
He added: “As a responsible Bank, in UAB we are integrating sustainability into our products to address environmental, social, governance concerns (ESG). Our ultimate commitment is to embed responsible business practices throughout our services.”
Emre Yalcin, head of retail banking at UAB said: “We recognise that a growing number of customers in the UAE are conscious about the environment and concerned about climate change. With our green sustainable finance products, we are pleased to support our customers who are making environmentally responsible choices. UAB will be extending special benefits for loans and mortgages related to eco-friendly residential properties and vehicles, such as electric or hybrid cars.
Yalcin concluded: “Trees serve as our natural allies in the fight against climate change. Each green mortgage or auto loan will be celebrated with a new planting of a tree or mangrove, rooting our commitment to the environment.”
The primary objective of UAB’s green initiative is to create awareness about climate change by emphasising the benefits of choosing electric or hybrid vehicles and green residential properties. UAB green sustainable products will make it more affordable for borrowers to invest in environment-friendly transportation and housing options.