Yesterday, the UAE Banks Federation announced the country’s banking sector initiative to provide financing facilities worth one trillion dirhams to support sustainability by 2030.
This came during the Finance Day event, organized by the UAE Central Bank, in cooperation with the Presidency of the Conference of the Parties (COP28).
The Director-General of the International Monetary Fund, Kristalina Georgieva, the Director-General of the Monetary Authority of Singapore, Ravi Menon, and the United Nations Special Envoy for Climate Action and Finance, Mark Carney, participated in the event, in the presence of experts and specialists from various parts of the world, and financial institutions licensed in the country.
In his opening speech, the Governor of the Central Bank, Khaled Mohammed Balama, stressed the importance of the role of the UAE’s financial system in developing green and sustainable financing, with the importance of focusing on achieving growth and development, supporting innovative solutions and protecting flexibility.
He pointed out the importance of technology in achieving sustainable development goals, as sustainable finance can harness digitization and innovation to achieve progress more easily, efficiently, and cost-effectively, to enhance the global transition to sustainability and adaptation to climate change.
For his part, Abdulaziz Al Ghurair, Chairman of the Board of Directors of the UAE Banks Federation, delivered a speech at the event, during which he announced the banking sector initiative in the UAE, to provide financing facilities worth one trillion dirhams by 2030, in order to deepen and accelerate the transition to sustainable practices in the banking and financial sector. This will enhance the UAE’s sustainable financing ambitions, consolidate sustainable transformation, and enable climate action.
Commenting on the success of the event, Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and President of the Conference of the Parties (COP28), said: “The financial sector’s effective participation is a critical element in achieving our common ambitions in the field of climate change, as it ensures that the critical goal of achieving 1.5 One degree Celsius, within our reach, and achieving climate neutrality (Net Zero) depends on the strategic allocation of capital, so that it is directed towards sustainable environmental investments that are resistant to climate change.”
He added, “The UAE banks’ announcement constitutes a strong manifestation of the UAE’s commitment to leadership, by providing a practical example, by providing an effective solution to sustainability and the climate crisis, as this commitment expresses a united and effective approach in setting ambitious goals to redirect financial resources towards green, responsible and sustainable solutions and technology.” Pointing out that this bold initiative is a strong precedent for other international bodies to make the required efforts to achieve similar goals.
Sultan Al Jaber:
• The bold initiative is considered a strong precedent for other international bodies to make the required efforts to achieve similar goals.
Khaled in blindness:
• Sustainable finance can harness digitalization and innovation to make progress easier, more efficient and more effective.
Abdulaziz Al Ghurair:
• The initiative contributes to deepening and accelerating the transition to sustainable practices in the banking and financial sector.
2023-12-04 22:53:12
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