The UAE Banking Federation has confirmed its commitment to supporting the UAE’s goals by pledging to mobilize more than a trillion dirhams of sustainable financing by 2030.
Abdulaziz Al Ghurair, president of the Federation of UAE banks, announced the pledge during an event organized by the Central Bank of the United Arab Emirates in conjunction with the presidency of the United Nations conference on climate change (cop28) to support and facilitate global climate finance solutions and progress towards a sustainable future.
Commenting on this development, Jamal Saleh, General Manager of the Union of UAE Banks, said: “the pledge made today by the president of the Union of UAE banks, Abdulaziz Al Ghurair, to mobilize more than a trillion dirhams in sustainable finance, represents the collective efforts of our leading member national banks. It is a true testament to the commitment and support of our financial sector to building a better future. As the active representative of UAE banks, the UAE Banking Federation works closely with its partners in sustainability efforts to accelerate and promote the Sustainable Development Goals.
He added: “six of the member banks of the Union of UAE banks have made great strides in this regard, as more than AED 190 billion (USD 52 billion) has already been targeted towards green projects, renewable energy, waste-to-energy conversion and green technologies . In addition, the Union of UAE Banks is working closely to promote the principles and frameworks of green finance under the direct supervision of our central bank of the UAE, which has adopted the principles of sustainability in the banking and financial sector and is a model for the application of these frameworks in operations “.
The director general stressed that the Union of UAE Banks played the central role in this initiative through its high-level committee on environmental, social and governance issues, which includes specialized experts from member banks of the Union of UAE banks. This committee strives to promote the principles and frameworks of green finance, in line with the UAE’s commitment to sustainability in the banking and financial sector.
He added:”the UAE has adopted the standards and principles of sustainability in the banking and financial sector, through the Abu Dhabi and Dubai declarations for Sustainable Finance in 2016 and 2019, as well as the guidelines for Sustainable Finance to promote the development of a green financial market in the world. In 2020, and the national framework for sustainable financing in 2021.
He continued: “We are confident that our banking sector in the UAE is capable of making significant contributions to the UAE National Climate Change Plan . The importance of the Union of UAE banks lies not only in its commitment to support sustainability, but also in its role as a platform for cooperation between all member banks of the Union of UAE Banks, explaining that the union seeks to accelerate progress in this area by fostering a business environment that encourages competitive, active and sustainable financing.
He added: “under the direct supervision of the UAE central bank, our banking sector continues to strengthen its position as a leading institution regionally and globally, which places a great responsibility on us to maintain this position and build on this solid foundation to achieve this. Higher goals and objectives.”
