ABU DHABI – The UAE Banks Federation (UBF) remains committed to supporting the UAE’s goals and has already pledged to mobilize over AED 1 trillion ($272 billion) in sustainable finance by the year 2030, said Jamal Saleh, Director-General of UBF.
Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, announced this pledge at an event jointly organized by the Central Bank of the UAE with the COP28 Presidency to support and facilitate global climate finance solutions and progress towards a sustainable future.
“The pledge made today by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents the collective efforts of our leading national member banks and is a true testament to our financial sector’s commitment to supporting the building of a better future. The UAE Banks Federation, as the active representative of UAE banks, has been working closely with its partners on sustainability efforts to accelerate and advance sustainable development goals,” Saleh said.
“Six of our UBF member banks have already taken significant strides in this regard, with over AED 190 billion (US$ 52 billion) having been already targeted towards green projects, renewable energy, waste-to-energy, and green technologies. Furthermore, UBF is working closely on strengthening the principles and frameworks of green finance under the direct supervision of our Central Bank of the UAE, which has adopted the principles of sustainability in the banking and financial sector and is considered a model for applying these frameworks in operations,” he added.
Saleh added that UBF has played a central role in this initiative with its high-level ESG committee, comprising specialist experts from UBF member banks. This committee works diligently to reinforce the principles and frameworks of green finance, aligning them with the UAE’s commitment to sustainability in the banking and financial sector.
“The UAE has adopted sustainability standards and principles in the banking and financial sector, evidenced by Abu Dhabi and Dubai’s Declarations for Sustainable Finance in 2016 and 2019, respectively, as well as the Guiding Principles for Sustainable Finance introduced in 2020 to promote the development of a green financial market, and the National Framework for Sustainable Finance established in 2021.
“We are confident that our UAE banking sector can make significant contributions to the UAE’s National Climate Change Plan. UBF’s significance lies not only in its commitment to supporting sustainability but also in its role as a platform for cooperation among all its member banks. The Federation seeks to accelerate progress in this domain by fostering a business environment that encourages competitive, active, and sustainable finance,” he added.
“Under the direct supervision of the Central Bank of the UAE, our banking sector continues to consolidate its position as a regional and global leader. This places a great responsibility on us to maintain such a position and to build on this solid base to achieve higher goals and targets,” Saleh said.
“In addition to financial commitments, UBF recognizes the pivotal role of digitalization and advanced technologies in driving global climate action. Through its involvement in several initiatives, including this COP28 UAE Banks Pledge, UBF actively promotes innovative technology solutions in sustainable finance to achieve sustainable development goals,” the UBF Director-General concluded.