The Central Bank Governor calls for developing an approach to addressing climate change risks Al Khaleej newspaper

Abu Dhabi: “The Gulf”
Khaled Mohammed Balama, Governor of the UAE Central Bank, participated in the eighteenth annual high-level meeting on financial stability and legislative and supervisory priorities, which is organized by the Arab Monetary Fund in Abu Dhabi on December 6 and 7, 2023, in the presence of governors and officials of central banks and regulatory bodies representing nineteen Arab countries. In addition to the governors of a number of global central banks and heads of international financial institutions.
In the opening speech, he stressed the importance of this meeting, which coincides with the UAE’s hosting of the Conference of the Parties (COP28) to enhance the capabilities of central banks and supervisory institutions in adapting to the changes and developments taking place in global markets and the risks arising from climate change, as the banking sector in the UAE announced in Finance Day at the COP 28 Conference of the Parties expressed its commitment to providing financing facilities worth one trillion dirhams by 2030 to address the challenges of climate change.
He stressed the need to continue to follow thoughtful policies regarding the effects of climate change on the objectives of regulatory authorities at the micro and macro precautionary levels. He pointed out that the UAE Central Bank continues to develop its approach to addressing climate change risks through many policies, the most prominent of which are conducting stress tests related to climate change, and issuing guidelines on how to manage climate-related financial risks.