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Friday, July 12, 2024

UAE Banks Federation Commits to $272 Billion in Sustainable Financing at COP28

The UAE Banks Federation, representing 56 lenders in the country, pledged Dh1 trillion ($272 billion) in sustainable financing by 2030 during COP28, the UN climate summit held in Dubai.

 Net Zero Goals

The commitment aims to align with the UAE’s ambitions of achieving a net-zero status by 2050, according to Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation. He emphasized the federation’s role as a catalyst for sustainable finance and its dedication to the 2050 net-zero milestone.

Notable Participants: Federation 

Eleven UAE banks were spotlighted during the announcement, including prominent names like First Abu Dhabi Bank, Mashreq Bank, Abu Dhabi Commercial Bank, Emirates NBD, Dubai Islamic Bank, RAK Bank, National Bank of Fujairah, and Abu Dhabi Islamic Bank.

Global Recognition

UAE Central Bank Governor Khaled Balama acknowledged the significant efforts in the UAE and globally toward sustainable finance mobilization, emphasizing the pivotal role of the financial sector in fostering innovative solutions and ensuring resilience.

Proactive Approach and Global Implications

Dr Sultan Al Jaber, COP28 President, commended the proactive approach of setting ambitious targets for redirecting financial resources into green, responsible, and sustainable solutions. He noted that such initiatives set a strong precedent for global actors to follow, emphasizing collaboration on a large scale in confronting climate challenges.

Climate Finance Landscape

The pledge adds to the series of climate finance commitments made by the UAE during COP28. The announcement took place during a dedicated finance-themed day at the summit, where leaders addressed the substantial gap between available funds and the support needed for effective climate change action.

Global Perspectives on Sustainable Finance

The finance-focused day brought together leaders from key international financial institutions. Discussions included the necessity of removing fossil fuel subsidies, the call for higher carbon pricing, and the role of central banks in ensuring financial systems’ resilience to climate shocks.

Urgency for Emerging Economies

The panelists emphasized the urgent need to direct more financing towards emerging economies and developing countries, recognizing these regions as critical in the fight against climate change. The IMF is actively working with countries to identify policy obstacles and bring together private financiers to drive collective action.

Opportunities Amidst Challenges: Federation 

IMF Chief Kristalina Georgieva encouraged viewing climate action as an opportunity rather than bad news. She stressed the positive aspects of climate action, describing it as a chance for a mindset change and an optimistic move towards a sustainable future.

This rewritten article maintains the original information while introducing subheadings for better organization and readability.

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