COP28: UAE financial sector commits to mobilising Dhs1tn in sustainable finance

The Central Bank of the United Arab Emirates (CBUAE) has announced a significant initiative from the UAE banking sector to collectively mobilise over Dhs1tn in sustainable finance by 2030, at an event held in cooperation with the COP28 Presidency.

Held on Finance Day at COP28, the event aligned with the CBUAE’s strategy to lead sustainable finance efforts to enable climate action.

During the keynote address at the event, Khaled Mohamed Balama, governor of the CBUAE, highlighted the key role of the financial system in developing green and sustainable finance with a focus on ensuring financial sector progress, advancing innovative solutions, and safeguarding resilience, state news agency, WAM reported.

He also stressed the importance of technology in achieving sustainable development objectives given the potential of sustainable finance to leverage digitalisation and innovation to enhance global transformation towards sustainability.

This landmark announcement, delivered at an event hosted by CBUAE, in Global Climate Action through Fostering Sustainable Finance at COP 28, is testament to UBF’s role in bringing together its member national banks and inspiring their collective actions and commitments. #COP28 pic.twitter.com/HA900C67YF

— UAE Banks Federation (@UAEBF) December 4, 2023

Sustainable finance becomes key focus

Abdul Aziz Al Ghurair, also chairman of the UAE Banks Federation, delivered a keynote statement at the event on behalf of the UAE banking sector, announcing a landmark commitment to collectively mobilise over Dhs1tn in sustainable finance by 2030.

The UAE Banks Federation has 56 members.

The mobilisation of sustainable finance targets by the UAE banking sector advances the forward-looking sustainable finance ambitions of the UAE and sets the foundations for enabling sustainable transformation and climate action.

During the event, the CBUAE highlighted the solutions of the COP28 UAE TechSprint – a global initiative launched by the CBUAE in collaboration with the Bank for International Settlements, the COP28 Presidency, and the Emirates Institute of Finance, to advance innovative technology solutions in sustainable finance to scale up climate action.

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said, “The commitment signifies a united and proactive approach to setting ambitious targets for redirecting financial resources into green, responsible and sustainable solutions and technologies. This bold initiative sets a strong precedent for other global actors to step up and do the same.

“Collaboration on this scale is pivotal in creating the necessary momentum to confront the challenges ahead.”

Read: Top development banks at COP28 vow to up climate game