Yesterday, the United Arab Emirates Banks Association announced the country’s banking sector’s commitment to provide one trillion dirhams worth of financial facilities to support sustainability by 2030.

This took place during the Finance Day event organized by the UAE Central Bank, in collaboration with the Conference of the Parties (COP28).

The event was attended by Kristalina Georgieva, Director General of the International Monetary Fund, Ravi Menon, Director General of the Monetary Authority of Singapore, and Mark Carney, United Nations Special Envoy for Climate Action and Finance. Professionals and experts from different parts of the world and licensed financial institutions in the country.

In his opening speech, Central Bank Governor Khaled Mohamed Palama stressed the importance of the UAE’s financial system’s role in fostering green and sustainable financing, focusing on achieving growth and development, supporting and protecting innovative solutions. Flexibility.

He pointed to the importance of technology in achieving the Sustainable Development Goals, as sustainable finance can enable digitization and innovation to be easier, more efficient and cost-effective, to improve global resilience and increase adaptation to climate change.

For his part, Abdul Aziz Al Ghurair, Chairman of the Board of Directors of the United Arab Emirates Banks Federation, delivered a speech at the event, during which he announced a banking sector initiative in the UAE that will provide financial facilities to one trillion dirhams by 2030. It will advance the UAE’s sustainable finance aspirations, integrate sustainable change and enable climate action to deepen and accelerate the transition to sustainable practices in the banking and finance sector.

Commenting on the success of the event, Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and President of the Conference of the Parties (COP28), said: “The effective participation of the financial sector is an important element in achieving our common ambitions. In the climate change sector, achieving 1.5 degrees Celsius and achieving climate neutrality (net zero) depends on the strategic allocation of capital, so it is directed towards sustainable environmental investments. They are climate change resistant.”

Further, “The announcement by UAE Banks demonstrates the commitment of the leadership of the UAE, by providing a practical example and an effective solution to the sustainability and climate crisis, demonstrating an integrated and effective approach in setting this commitment ambition. Goals to redirect financial resources towards green, responsible and sustainable solutions and technology.” This bold initiative sets a strong example for other international organizations to undertake the necessary efforts to achieve similar goals.

Sultan Al Jaber:

• The bold initiative is considered a strong precedent for other international organizations to make the necessary efforts to achieve similar goals.

Khaled on Blindness:

• Sustainable finance can make digitization and innovation easier, more efficient and effective.

Abdul Aziz Al Ghurair:

• This initiative helps deepen and accelerate the transition to sustainable practices in banking and finance.