UAE banks pledge AED 1 trillion in green finance at COP28

The UAE banking sector has announced a landmark commitment to collectively mobilise AED 1 trillion ($270 billion) in sustainable finance by 2030.

Announced on Finance Day at COP28, it joins a growing list of pledges on everything from building renewable energy to helping farmers improve soil quality.

"At this pivotal moment it is my great honour to announce a landmark commitment that, fulfilling the UAE ambition, our UBF banking, national banks, have collectively pledged to mobilise over AED 1 trillion," said Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation (UBF).

During the keynote address, Khaled Mohamed Balama, Governor of the UAE Central Bank, 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, he stressed the importance of technology in achieving sustainable development objectives.

Bringing together key leaders of key international financial institutions, 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 climate action and outlined steps to overcome challenges faced by different regions.

H.E. AbdulAziz Al-Ghurair, Chairman of the UAE Banks Federation, has today announced a pledge on behalf of the UAE banking sector to mobilise over 1 Trillion dirhams, which represents more than 270 billion dollars, in sustainable finance by 2030.#ClimateAction #BankingIndustry pic.twitter.com/f4LhjXIWiG

— UAE Banks Federation (@UAEBF) December 4, 2023

"It is clear that the COP28 action agenda advocating Unite, Act, and Deliver, will be a critical guiding principle in scaling up sustainable finance, managing related financial risks, and meeting our internationally agreed climate targets."

H.E. Khaled Mohamed Balama, Central… pic.twitter.com/AKTakyK7rp

— COP28 UAE (@COP28_UAE) December 4, 2023