Today: 9 May 2025
5 December 2023
3 mins read

Dh 1 Trillion in Sustainable Finance by 2030

Held on Finance Day at COP28, the CBUAE-organised event is aligned with the central bank’s strategy to lead sustainable finance efforts to enable climate action….reports Asian Lite News

Coinciding with the UAE’s hosting of COP28, the Central Bank of the United Arab Emirates (CBUAE), in cooperation with the COP28 Presidency, organised an event to facilitate global climate finance solutions and progress towards a sustainable future.

During this global event, the UAE Banks Federation announced a significant initiative from the UAE banking sector to collectively mobilise over AED1 trillion in sustainable finance by 2030.

Held on Finance Day at COP28, the event is aligned with the CBUAE’s strategy to lead sustainable finance efforts to enable climate action. Bringing together global leaders of key international financial institutions to address global climate action and foster sustainable finance, the panel featured Kristalina Georgieva, Managing Director of the International Monetary Fund; Ravi Menon, Managing Director of the Monetary Authority of Singapore; and Mark Carney, UN Special Envoy for Climate Action and Finance. The global leaders underscored the crucial role of sustainable finance in global climate action and outlined steps to overcome challenges faced by different global regions.

During the keynote address, 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. In addition, Balama 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.

Abdul Aziz Al Ghurair, 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 AED 1 trillion in sustainable finance by 2030. 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.

The CBUAE also emphasised the role of digitalisation and advanced technology innovations in driving global climate action and sustainable finance. 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, with the aim of advancing 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, “Active engagement from the financial sector is critical to realise our collective climate ambitions, ensuring that the crucial 1.5°C target remains within reach. Achieving net-zero emissions hinges on the strategic allocation of capital towards environmentally sustainable and climate-resilient investments. Today’s landmark announcement by UAE banks is a strong demonstration of the UAE’s commitment to lead by example and deliver actionable solutions to sustainability and the climate crisis. 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.”

Khaled Mohamed Balama, Governor of CBUAE, said, “This collaborative effort between the Central Bank of the UAE and the COP28 Presidency reinforces our commitment to advancing sustainable finance solutions on a global scale. It underscores the significant efforts in the UAE and globally towards sustainable finance mobilisation. As we navigate the challenges posed by climate change, it is imperative that the financial sector plays a pivotal role in fostering innovative solutions and ensuring resilience.”

ALSO READ: UAE President, UN Chief Discuss COP28 Agenda

Previous Story

IBM, Meta launch AI Alliance to build open, responsible AI

Next Story

COP28 Raises Over $57 Billion in 4 Days

Latest from -Top News

UAE calls for calm

Sheikh Abdullah bin Zayed Al Nahyan, UAE’s Minister of Foreign Affairs, urged Inda and Pakistan to “exercise restraint” and avoid further escalation that could imperil regional and global peace The United Arab

India Strikes Terror Bases in Pakistan

‘Justice is served’, says Indian Army as Operation Sindoor unfolds In a significant military response to the deadly terror attack in Pahalgam that claimed 26 civilian lives, the Indian Army on Wednesday

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

India Rises, Africa Watches 

While struggling economies in Africa engulf themselves in ideological battles and take sides in the tariff battles, nations like India are placing their national interest first and navigating Global Trade challenges in
Go toTop

Don't Miss

Andres Cafiero: UAE is key regional partner

Santiago Andrés Cafiero, Minister of Foreign Affairs and International Trade

UAE-Finland hold talks to strengthen economic ties

The parties agreed on specific steps to bolster and expand