(MENAFN) At the United Nations Climate Change Conference (COP28) in Dubai on Monday, Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, made a significant announcement. He revealed that UAE banks have committed to allocating an impressive one trillion dirhams, equivalent to approximately 200 billion dollars, to finance sustainability and environmental projects. This substantial financial commitment underscores the growing global focus on combating climate change and promoting environmental initiatives.

The financing pledge extends across a diverse spectrum of projects, ranging from investments in renewable energy to supporting farmers in enhancing soil quality. Al Ghurair emphasized the historic nature of this commitment, aligning with the UAE's broader vision for sustainability. He commended the dedication of banking services within the UAE Banks Federation and national banks for earmarking such a substantial amount for sustainability initiatives.

The decision by UAE banks reflects a heightened awareness and sense of social responsibility within the banking sector, emphasizing the sector's integral role in addressing environmental challenges. This substantial financial commitment not only aligns with global efforts to tackle climate change but also positions the UAE as a proactive contributor to environmental preservation. The announcement at COP28 highlights the pivotal role financial institutions play in driving positive change and fostering a sustainable future.

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