The UAE Banks Federation has pledged Dh1 trillion in sustainable finance by 2030
“The mobilisation of sustainable finance targets by the UAE banking sector advances forward-looking sustainable finance ambitions of the UAE and sets the foundations for enabling sustainable transformation and climate action,” said Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.
Representing 56 lenders in the country, the UAE Banks Federation has collaborated with partners to expedite sustainable development goals.
“The commitment from its largest contributors to the pledge, namely First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), EmiratesNBD (ENBD), Mashreq Bank (MB), and Dubai Islamic Bank (DIB),” UAE Banks Federation posted on X (formerly Twitter).
“Six of our UBF member banks have already taken significant strides in this regard, with over Dh190 billion already targeted towards green projects, renewable energy, waste-to-energy, and green technologies,” said Jamal Saleh, Director General of UAE Banks Federation. “In addition, UBF is working closely on strengthening the principles and frameworks of green finance under the direct supervision of CBUAE.”
During a keynote address, HE Khaled Mohamed Balama, Governor of the CBUAE, highlighted the financial system’s pivotal role in fostering green and sustainable finance.
Balama stressed the need to ensure sectoral progress, drive innovative solutions, and fortify resilience. He emphasised technology’s pivotal role in achieving sustainable development goals, highlighting how sustainable finance can leverage digitalisation and innovation to expedite global sustainability transformation.
“Today’s landmark announcement by UAE banks is a strong demonstration of the UAE’s commitment to lead by example and deliver actionable solutions to sustainability and the climate crisis,” said HE Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President. “The commitment signifies a united and proactive approach in setting ambitious targets for redirecting financial resources into green, responsible and sustainable solutions and technologies.”
