(MENAFN- Brazil-Arab News Agency (ANBA)) Dubai – The United Arab Emirates Banking Federation announced this Monday (04) that the country's banking sector will mobilize AED 1 trillion (about USD 270 million at the current rate) to sustainable finance by 2030. This is an effort to help make green economy transition projects viable.
The commitment was announced by the president of the UAE Banks Federation (UBF), Abdul Aziz Al Ghurair, on the United Nations Conference on Climate Change (COP28) Finance Day, in an event organized by the Central Bank of the United Arab Emirates (CBUAE) and the presidency of COP28.
The CBUAE aims to lead finance efforts to enable sustainable projects. It brought together heads from important international institutions in the sector to COP28, such as Kristalina Georgieva, director general of the International Monetary Fund (IMF); Ravi Menon, managing director of the Monetary Authority of Singapore (MAS); and Mark Carney, UN special envoy on Climate Action and Finance.
COP28 president Sultan Ahmed Al Jaber said financial sector participation is crucial to achieving common climate ambitions, allowing the target of keeping warming to 1.5°C to remain achievable.
“Achieving net zero emissions depends on strategically allocating capital to environmentally sustainable and climate-resilient investments. The UAE banks' historic announcement today powerfully demonstrates the country's commitment to leading by example and providing concrete solutions to sustainability and the climate crisis. The commitment means a united and proactive approach to setting ambitious goals to redirect financial resources towards green, responsible, and sustainable solutions and technologies. This bold initiative sets a strong precedent for other global players to do the same. Collaboration on this scale is critical to creating the momentum needed to meet future challenges,” said Al Jaber.
COP28 has mobilized over USD 57 billion to date. Governments, companies, investors, and philanthropists made eight historic commitments and declarations in the first four days of the conference. Announcements covering the entire climate agenda, such as finance, health, food, nature, and energy, demonstrated the power of global solidarity.
Translated by Elúsio Brasileiro
Press release/COP28
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