The United Arab Emirates, through the Central Bank of the United Arab Emirates (CBUAE), will be allocating about US$272.3b (AED 1t) for sustainable finance by 2030.
This was unveiled during COP28. The funding will help speed up climate finance solutions and support a sustainable future. It may be noted that COP 28 includes more than 20 markets that vowed to triple global nuclear energy generation by 2050.
The UAE’s banking sector covered by the UAE Banks Federation, also organised their respective sustainable finance targets and set foundations for plans of sustainable transformation and climate action.
Also, the strategy by CBUAE encourages cooperation with global leaders of major international financial institutions and targets the challenges faced by various regions to formulate solutions for global climate action and foster sustainable finance.
“It underscores the significant efforts in the UAE and globally towards sustainable finance mobilisation. As we navigate the challenges posed by climate change, the financial sector must play a pivotal role in fostering innovative solutions and ensuring resilience,” Khaled Mohamed Balama, governor of CBUAE, stated.
CBUAE also disclosed solutions of the COP28 UAE TechSprint, an initiative launched, in cooperation with the Bank for International Settlements, the COP28 Presidency, and the Emirates Institute of Finance. This will serve as a measure to expand the relevance of digitalisation in the UAE’s sustainable finance sector.
