jordan pulse -

Amman –
Arab Bank has issued its first annual Sustainable Finance and Impact Report for 2024, underscoring its commitment to transparency, impact assessment, and the transition to a low-carbon economy. This milestone reflects the bank’s dedication to expanding its sustainable finance portfolio, thereby contributing positively to sustainable development efforts across the region.

The report follows the successful issuance of the $250 million Additional Tier 1 Capital Perpetual Bonds in 2023. It provides a detailed account of fund allocation and the impact of the proceeds from these bonds. Additionally, the report outlines Arab Bank’s approach to sustainable finance in alignment with global best practices and frameworks, reinforcing its commitment to advancing the United Nations’ Sustainable Development Goals (SDGs). The focus is particularly on green projects addressing climate change and social projects aimed at job creation and reducing unemployment.

The report highlights the bank’s investments in diverse sectors, including renewable energy, green buildings, and clean transportation. Arab Bank’s sustainable finance portfolio operates within the framework launched in October 2023, which has since supported green and social projects across various regional markets. These include financing 487 MW of renewable energy, avoiding 155,528 tonnes of greenhouse gas emissions, and allocating $47 million to support small businesses.

An external Limited Assurance Report on the allocation of bond proceeds was prepared by Deloitte & Touche (Middle East), further reinforcing the bank’s adherence to rigorous standards.

The full Sustainable Finance and Impact Report 2024, including the external assurance report, is available on Arab Bank’s official website. Readers can access it through the provided link (click here).