Coinciding with the hosting of COP28 in the UAE, the Central Bank of the United Arab Emirates (CBUAE) and the COP28 Presidency orchestrated a pivotal event on Finance Day to propel global sustainable finance initiatives towards a more sustainable future. During this influential gathering, the UAE Banks Federation unveiled an ambitious initiative, declaring their collective commitment to mobilize over one trillion dirhams in sustainable finance by 2030.
The Finance Day event at COP28 brought together influential leaders from key international financial institutions, including H.E. Kristalina Georgieva, Managing Director of the International Monetary Fund, H.E. Ravi Menon, Managing Director of the Monetary Authority of Singapore, and Mark Carney, UN Special Envoy for Climate Action and Finance. These global leaders emphasized the critical role of sustainable finance in global climate action and outlined strategies to overcome challenges faced by different regions around the world.
Governor of the CBUAE, His Excellency Khaled Mohamed Balama, highlighted the integral role of the financial system in fostering green and sustainable finance. Emphasizing progress, innovation, and resilience, he outlined the importance of technology in achieving sustainable development objectives, leveraging digitalization and innovation to drive global transformation towards sustainability.
In a groundbreaking announcement, His Excellency Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, revealed the commitment of the UAE banking sector to collectively mobilize over AED 1 trillion in sustainable finance by 2030. This commitment not only aligns with the forward-looking sustainable finance goals of the UAE but also lays the foundation for substantial sustainable transformation and climate action.
The CBUAE also underscored the role of digitalization and advanced technology innovations in advancing global climate action and sustainable finance. Additionally, the event highlighted the solutions of the COP28 UAE TechSprint, a global initiative aimed at advancing innovative technology solutions in sustainable finance to scale up climate action.
Reflecting on the announcement, COP28 President, His Excellency Dr. Sultan Ahmed Al Jaber, commended the financial sector’s active engagement, stating that achieving net-zero emissions requires strategic capital allocation to environmentally sustainable and climate-resilient investments. He described the commitment by UAE banks as a strong demonstration of the country’s dedication to leading by example and delivering actionable solutions to sustainability and the climate crisis.
Governor Khaled Mohamed Balama emphasized the collaborative effort between the CBUAE and the COP28 Presidency as a testament to their commitment to advancing sustainable finance solutions on a global scale. He stressed the imperative role of the financial sector in fostering innovative solutions and ensuring resilience amid the challenges posed by climate change.
