CBUAE and bank CEOs discuss financial sector support for UAE’s hosting of COP28

CBUAE and bank CEOs discuss financial sector support for UAE’s hosting of COP28

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), held a meeting with CEOs of UAE banks to discuss priorities and future initiatives for the banking sector, with a particular focus on advancing green finance in the financial sector.

During the meeting, the Governor highlighted the important role of UAE banks in developing and implementing green and sustainable finance plans and aligning with sector-wide sustainability objectives in support of the initiatives during the ‘Year of Sustainability’ and the UAE’s hosting of COP28.

As part of its commitment to supporting the UAE’s competitiveness and economic ambitions, the CBUAE conducted a review of its own initiatives outlined in its 2023-2026 strategy, focussing on promoting greater sustainability practices across the UAE financial sector and CBUAE’s own operations.

The CBUAE has formed a high-level Committee on Green and Sustainable Finance (the Sustainability Committee), chaired by the Governor, with the Assistant Governors as its members, to lead and oversee the progress and implementation of wide-ranging sustainability initiatives.

The CBUAE’s Banking and Insurance Supervision area leads the integration of sustainability in regulatory frameworks in addition to advancing Islamic sustainable finance in the UAE. It will also adopt more robust sustainability practices as part of its supervisory operations