2023-12-04 21:03:18
A historic initiative within the Funding Day at the COP28 conference
Dubai: Anwar Dawood
In conjunction with the UAE hosting the Conference of the Parties (COP28), the Central Bank of the United Arab Emirates, in cooperation with the Presidency of the Conference of the Parties (COP28), yesterday, Monday, organized a global event within the Finance Day of the Conference to support sustainable financing solutions and advance international cooperation to achieve a sustainable future.
During the event, the UAE Banks Federation announced the initiative of the banking sector in the UAE to provide financing facilities worth one trillion dirhams, to support sustainability by 2030.
This event, which was organized in cooperation with the International Monetary Fund, was attended by Kristalina Georgieva, Director General of the International Monetary Fund, Ravi Menon, Director General of the Monetary Authority of Singapore, and Mark Carney, the United Nations Special Envoy for Climate Action and Finance, and in the presence of experts and specialists from around the world. And financial institutions licensed in the country.
In his opening speech, Khaled Mohammed Balama, Governor of the Central Bank, emphasized 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 also highlighted 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.
He added: “This cooperative effort between the Central Bank of the United Arab Emirates and the Presidency of the Conference of the Parties (COP28) reinforces our commitment to promoting sustainable financing solutions on a global scale, and confirms the major role played by the UAE and the world in harnessing financing efforts to confront global sustainability challenges. As we face the challenges posed by climate change, it is essential that the financial sector plays a pivotal role in promoting innovative solutions and ensuring resilience.”
Deepen and accelerate transformation
For his part, Abdul Aziz 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. , which leads to enhancing sustainable financing ambitions in the UAE, consolidating sustainable transformation and enabling climate action.
Abdulaziz Al Ghurair, Chairman of the Emirates Banks Federation, announced a historic commitment to achieving the UAE’s ambition, through a pledge by national banks in the Emirates Banks Federation to collectively mobilize sustainable financing of more than one trillion dirhams, equivalent to approximately $270 billion, by 2030.
Al Ghurair said in his speech: “Every member of the UAE Banks Federation takes upon itself the responsibility of committing to setting and achieving ambitious goals that lay the foundation for the sustainable transformation of the UAE.” He added: “Our goal is in line with the UAE government’s climate agenda and the Year of Sustainability. We also stimulate action and urge our banking institutions to pledge their financial and strategic commitment towards the year 2050.”
The role of digitization
During the event, the Central Bank emphasized the role of digitization and advanced technological innovations in advancing global climate action and sustainable financing, as it highlighted the technological solutions and advanced projects proposed by the global initiative “COP28 UAE Tech Acceleration,” which was launched by the Central Bank in cooperation with the Bank for International Settlements and the Institute for International Settlements. Emirates Finance, and the presidency of the Conference of the Parties (COP28) with the aim of developing innovative technological solutions in sustainable financing to expand the scope of climate action.
Strategic allocation of capital
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: “Effective financial sector 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 degrees Celsius remains.” , within our reach. Achieving climate neutrality (Net Zero) also depends on the strategic allocation of capital so that it is directed towards sustainable environmental investments that are resistant to climate change. Today’s major UAE banks announcement is a strong demonstration of the UAE’s commitment to leadership by setting a practical example by providing an effective solution to sustainability and the climate crisis. This commitment expresses a united and effective approach in setting ambitious goals to redirect financial resources towards green, responsible and sustainable solutions and technology. This bold initiative is considered a strong precedent for other international bodies to make the efforts required to achieve similar goals. Cooperation on this scale is vital to creating the momentum needed to meet the challenges ahead.”
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