CBUAE and COP28 Presidency Organized Global event to support sustainable finance and push international cooperation to a sustainable future.
The Central Bank of the UAE and the Presidency of COP28 organized a global event today as part of the Finance Day of COP28 conference.
In order to support sustainable finance solutions and promote international cooperation for a sustainable future.
The UAE Banks Federation announced during the event an initiative by the banking sector in the UAE to provide financing facilities worth one trillion dirhams to support sustainability by 2030.
The event was organized in cooperation with the International Monetary Fund.
And it was attended by Kristalina Georgieva, Managing Director of the International Monetary Fund; Ravi Menon, Managing Director of the Monetary Authority of Singapore; and Mark Carney, the United Nations Special Envoy for Climate Action and Finance.
It was also attended by experts and specialists from around the world and licensed financial institutions in the UAE.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, met today with His Excellency Secretary-General of the United Nations, at the headquarters of the Conference of the Parties to the United Nations Framework Convention on #COP28 pic.twitter.com/6aJtwNivBP
— UAE Voice (@uae_voiceeng) December 4, 2023
CBUAE and COP28 Presidency Developing Green Finance.
H.E Khaled Mohamed Al Mazrouei, Governor of CBUAE, stressed the importance of the the UAE’s financial system.
As it is developing green and sustainable finance, with a focus on achieving growth and development.
In addition it is supporting innovative solutions, and protecting resilience.
He also noted the importance of technology in achieving the Sustainable Development Goals.
Because sustainable finance can harness digitization and innovation to achieve more efficient.
It also can harness cost-effective progress in promoting the global transition to sustainability and adaptation to climate change.
For his part, His Excellency 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 initiative of the banking sector 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 contribute to strengthening the ambitions of sustainable finance in the UAE, consolidating the sustainable transition, and enabling climate action.
We are ready to expand the use of innovative solutions #COP28UAE pic.twitter.com/0QJBZyXInl
— UAE Voice (@uae_voiceeng) December 4, 2023
Digitization and Advanced Technological Innovations are Driving Global Climate Action and Sustainable Finance.
The technological solutions and advanced projects proposed by the “COP28 UAE Global Acceleration Initiative for Technology”
Will surely develop innovative technological solutions in sustainable finance.
Commenting on the success of the event, His Excellency Dr. Sultan Ahmed Al Jaber, President of COP28, said:
The effective participation of the financial sector is a critical element in achieving our shared climate ambitions.
It is ensuring that the critical target of 1.5 degrees Celsius remains within reach.
Achieving net zero emissions also depends on the strategic allocation of capital.
So that it is directed towards environmentally sustainable and climate-resilient investments.
The major announcement by UAE banks today is a strong demonstration of the UAE’s commitment to leadership by example.
It is also providing a practical solution to sustainability and the climate crisis.
This commitment reflects a united and effective approach in setting ambitious targets to redirect financial resources towards green, responsible, and sustainable solutions and technologies.
This bold initiative sets a strong precedent for other international actors to make the required efforts to achieve similar goals.
Collaboration on this scale is essential to create the momentum needed to meet the challenges ahead.”
Read Also:
Dubai Future Foundation: Future Sustainable Job Opportunities
World Leaders Meets at COP28 Climate Summit in the UAE
At COP28 … UAE President has announced USD 30 billion fund
