Arabian Weekly Staff
UAE Banks Federation (UBF) has pledged to mobilise over AED 1 trillion, which represents more than US$ 270 billion, in sustainable finance by the year 2030. Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation, announced the pledge at an event organised jointly by Central Bank of the UAE with the COP28 Presidency to support and facilitate global climate finance solutions and progress towards a sustainable future.
Commenting on the development, Jamal Saleh, Director General of UAE Banks Federation, said the pledge represents the collective efforts of the leading national member banks and is a true testament to our financial sector’s commitment to and support of building a better future.
UAE Banks Federation, being the active representative of UAE banks, has been working closely with its partners on sustainability efforts to accelerate and advance sustainable development goals, he added.
Six of the UBF member banks have already taken significant strides in this regard, with over AED 190 billion (USD 52 billion) having been already targeted towards green projects, renewable energy, waste-to-energy, and green technologies. In addition, UBF is working closely on strengthening 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 considered a model for applying these frameworks in operations.
The Director General added that UBF has played the central role in this initiative with its high-level ESG committee, which comprises specialist experts from UBF member banks. This committee works diligently to reinforce the principles and frameworks of green finance, aligning that with UAE’s commitment to sustainability in the banking and financial sector.
Also published on Medium.