COP28 in Dubai: UAE financial institutions to mobilise Dh1 trillion in sustainable finance by 2030

COP28 in Dubai: UAE financial institutions to mobilise Dh1 trillion in sustainable finance by 2030

People walk at the Dubai's Expo City during the United Nations Climate Change Conference (COP28). - Reuters

Published: Mon 4 Dec 2023, 6:15 PM

The UAE’s banking and financial sector will mobilise more than Dh1 trillion ($272.5 billion) in sustainable finance by 2030, senior officials said at the 28th edition of the United Nations Climate Change Conference (COP28) in Dubai on Monday.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said the banking sector, will need to contribute to both the UAE’s medium-term economic plans and the Strategy for Net Zero by 2050.

“Critically, this requires financing the transition and climate adaption strategies of corporate customers, which includes carbon-intensive sectors, but also allocating new funds to green projects,” he said.

Balama added that the current economic and sectoral structure of many countries means that the challenge facing financial institutions is significant.

Khaled Mohamed Balama. - Supplied photo

The UAE Net Zero by 2050 strategic initiative is a national drive to achieve net-zero emissions by 2050, which is aligned with the Paris Agreement.

Addressing the repercussions of climate change is an immediate need and key to achieving sustainable socio-economic growth for all the countries around the world.

According to Climate Policy Initiative’s (CPI) Global Landscape of Climate