FAB join forces with Blue Carbon for Climate Action, Green Investments backed by their US$75b fund

07:19 PM | 21 Sep, 2023
FAB join forces with Blue Carbon for Climate Action, Green Investments backed by their US$75b fund

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 exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 10 Dec 2023

Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.

Dollar Rate in Pakistan Today

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)

Currency Symbol Buying Selling
US Dollar ‎USD 283.4 285.95
Euro EUR 307 310
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 755.82 763.82
Canadian Dollar CAD 209 211
China Yuan CNY 39.82 40.22
Danish Krone DKK 41.14 41.54
Hong Kong Dollar HKD 36.37 36.72
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 922.14 931.14
Malaysian Ringgit MYR 60.82 61.42
New Zealand Dollar NZD 175.33 177.33
Norwegians Krone NOK 26.12 26.42
Omani Riyal OMR 738.71 741.76
Qatari Riyal ‎QAR 78.07 78.77
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.32 27.62
Swiss Franc CHF 324.5 327
Thai Bhat THB 8.08 8.23

Gold price drops in Pakistan; Check out today gold rates here

Gold prices decreased in local markets in line with the trend in the international market.

Gold Rates in Pakistan Today - 10 December 2023

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.

Today Gold Rate in Pakistan

City Gold Silver
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


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter