UAE banks commit to over USD 270bn in sustainable finance by 2030

The UAE banking sector has today committed to mobilising over AED 1 trillion (USD 272bn/EUR 251bn) in sustainable finance by 2030.

The announcement was made by the UAE Banks Federation at COP28 in Dubai, at an event organised by the Central Bank of the United Arab Emirates (CBUAE) in cooperation with the COP28 Presidency.

Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said in a statement by CBUAE that active engagement from the financial sector is critical to realise global climate ambitions. “Achieving net zero emissions hinges on the strategic allocation of capital towards environmentally sustainable and climate-resilient investments. 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,” he added.

The COP28 Presidency meanwhile said that over USD 57 billion has been announced in the first four days of the climate summit by governments, businesses, investors and philanthropies, including the USD-30-billion climate investment vehicle launched by the UAE.

(AED 1 = USD 0.272/EUR 0.251)

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