DUBAI - Blue Carbon, an environmental asset developer active in Africa and Asia, and First Abu Dhabi Bank (FAB) have signed a significant Memorandum of Understanding (MOU) to advance carbon reduction initiatives and promote sustainable development.
FAB, the UAE's largest bank and a leader in green finance, has set an ambitious goal of dedicating $75 billion to sustainable finance initiatives by 2030, with $14.2 billion already allocated to environmentally and socially responsible solutions.
The momentous MOU was officially signed during a ceremony in Abu Dhabi, with Blue Carbon Chairman Sheikh Ahmed Dalmook Al Maktoum and Sameh Al Qubaisi, Group Head of Global Markets at FAB, as signatories. The event was graced by the presence of Abdullah bin Touq Al Marri, Minister of Economy, along with several other representatives from FAB and Blue Carbon.
Amid the global fight against climate change, as underscored by the recent Africa Climate Summit, climate finance is playing a pivotal role. The collaboration between Blue Carbon and FAB is poised to accelerate climate progress and direct vital green investment toward essential mitigation projects.
The collaboration between Blue Carbon and the prominent sustainable finance institution, FAB is poised to expedite climate advancements and direct essential green investment capital toward necessary mitigation projects.
Sheikh Ahmed Dalmook Al Maktoum, Chairman of Blue Carbon, noted, "We see immense potential in the collaboration between Blue Carbon and FAB to elevate climate finance to new heights. By aligning our efforts with the sustainability ambitions of both FAB and the UAE, we are charting a course toward fulfilling the crucial objectives of the Paris Agreement and creating lasting positive impacts."
This collaboration will also streamline carbon offset transactions between Blue Carbon and FAB, aligning with FAB's overarching sustainability goals, the climate mitigation agenda of COP28, and the UAE's ambitious NetZero2050 vision.
Blue Carbon collaborates with countries to enable investments in projects generating internationally transferable carbon reductions. These projects involve entities committed to Net Zero goals and align with the Paris Agreement. Blue Carbon offers expertise in developing and facilitating carbon projects, including ITMOs, collaborating with both the public and private sectors to support their Net Zero objectives under Article 6 of the Paris Agreement.
FAB, the UAE's largest bank, operates globally across five continents, providing financial strength and expertise to local, regional, and international businesses. Recognized as one of the world's largest and socially responsible banks, FAB holds total assets of AED 1.1 Trillion (USD 312 Billion) as of June 2023. It boasts impressive ratings from Moody's, S&P, and Fitch and is acknowledged as the UAE's most valuable banking brand. FAB is also a sustainability leader, included in prominent ESG indices.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.
On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.
Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.
Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.
In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.
|Lahore||PKR 216,300||PKR 2,486|
|Karachi||PKR 216,300||PKR 2,486|
|Islamabad||PKR 216,300||PKR 2,486|
|Peshawar||PKR 216,300||PKR 2,486|
|Quetta||PKR 216,300||PKR 2,486|
|Sialkot||PKR 216,300||PKR 2,486|
|Attock||PKR 216,300||PKR 2,486|
|Gujranwala||PKR 216,300||PKR 2,486|
|Jehlum||PKR 216,300||PKR 2,486|
|Multan||PKR 216,300||PKR 2,486|
|Bahawalpur||PKR 216,300||PKR 2,486|
|Gujrat||PKR 216,300||PKR 2,486|
|Nawabshah||PKR 216,300||PKR 2,486|
|Chakwal||PKR 216,300||PKR 2,486|
|Hyderabad||PKR 216,300||PKR 2,486|
|Nowshehra||PKR 216,300||PKR 2,486|
|Sargodha||PKR 216,300||PKR 2,486|
|Faisalabad||PKR 216,300||PKR 2,486|
|Mirpur||PKR 216,300||PKR 2,486|