Abu Dhabi bank launches new sustainability program
Several Middle Eastern banks and funds are pursuing finance focused on green technology and the environment.
First Abu Dhabi Bank announced a new initiative Tuesday to increase capital for sustainably-focused investments.
The bank said its “sustainability-linked current account” will help corporate clients integrate sustainability developments into their regular cash flows. The account can also be used for business needs, though the bank will ensure that the funds are used for sustainability projects, according to a press release.
A current account is a British term meaning a normal bank account for financial transactions. It is similar to a checking account in the United States.
First Abu Dhabi Bank released a report last year on its sustainable finance goals. They identified the following sectors as targets:
