The UAE Banks Federation (UBF) announced on 4 December 2023, at the COP28 climate conference in Dubai, that the country's national banks had collectively pledged to mobilise more than AED 1 trillion (over USD 270 billion) in sustainable finance by 2030.
UBF chairman Abdulaziz Al Ghurair made the announcement during the conference's day dedicated to finance. He said the funding would put no extra pressure on the Central Bank of the UAE and that the commitment would help propel the country towards its 2050 net zero goal. "Our aim aligns seamlessly with the UAE government climate agenda and the year of sustainability," Al Ghurair said. He called on banking institutions in the UAE to engage in cooperation and dialogue in search of real solutions to the climate crisis. "We are a catalyst for action," he said.
MAJOR CONTRIBUTORS
According to the UBF, the major contributors to the commitment include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Mashreq and Dubai Islamic Bank.
Mashreq was recognised as a key supporter of the UBF commitment at a COP28 event hosted by the Central Bank of the UAE on fostering sustainable finance for global climate action. The bank has committed to facilitating AED 110 billion in sustainable finance by 2030 as part of its Climb2Change initiative.
"Facilitating access to financing is a crucial part of the sustainability transition, and our $30 billion by 2030 commitment to sustainable finance is a testament to our active contribution and strong dedication to this milestone," said Ahmed Abdelaal, Group Chief Executive of Mashreq. He thanked the UBF and the Central Bank of the UAE for their leadership and guidance.
The UBF, established in 1982, is a professional body representing banks operating in the UAE and has 56 banking members.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn