The UAE participated in the second meeting of the Sustainable Finance Working Group (SFWG) for the year 2023 within the financial track of the Group of Twenty (G20), which was held under the Indian Presidency of the Group of Twenty from March 21 to 23 in Udaipur, India.
The meeting discussed the latest developments related to the SFWG action plan and the progress made on the SFWG priorities for 2023.
The UAE team participating in the meeting included Thuraya Hamid Al Hashemi, Director of the International Tax Department at the Ministry of Finance, and Abdulaziz Nasser Al Mualla, Head of the Banking Supervision Team at the Central Bank.
In detail, the meeting discussed the priorities of the Sustainable Finance Group, during which the members of the group discussed ways to enhance financing for climate action, as well as reviewing best practices and financial tools that can contribute to financing the 2030 Sustainable Development Goals. Members also reviewed local capacity-building programs and efforts to find Effective solutions for sustainable financing.
On the sidelines of the meeting, the Indian Presidency of the G20 organized two workshops with the participation of members of the Sustainable Finance Group to discuss the role of non-pricing policy tools in supporting sustainable investment, and ways to provide the necessary financing to achieve the sustainable development goals. During the two workshops, members exchanged knowledge, expertise and experiences gained in achieving these priorities.
During its intervention in the meeting, the UAE team highlighted the importance of impactful investment in achieving the sustainable development goals and promoting the G20 sustainable financing roadmap. It also reviewed the UAE’s experience in benefiting from partnerships between the public and private sectors to stimulate community investment.
The country team stressed the need for cooperation between the G20 and experts in the field of sustainable finance to direct the development of training and capacity-building programs in order to respond to the needs of workers in the sustainable finance sector.
It is worth noting that the next meeting of the Sustainable Finance Working Group will be scheduled at a later date by India’s G20 Presidency, to discuss the progress of the Group’s 2023 Action Plan.
