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UAE banks unite at COP28, pledge Dh1 trillion for sustainable financing

Lenders are making economic and strategic commitments to help the Emirates meet in fulfilling its net-zero objective by 2050, the UBF chairman says.

Lenders are making economic and strategic commitments to help the Emirates meet in fulfilling its net-zero objective by 2050, the UBF chairman says.

Bold Commitment for a Greener Future

During the finance-focused day at Cop28, the UAE Banks Federation made a landmark commitment, vowing to mobilize Dh1 trillion in sustainable financing by 2030. 

This ambitious pledge, announced by chairman Abdulaziz Al Ghurair, aims to support the nation’s target of achieving net zero emissions by 2050.

Uniting for Environmental Progress

Al Ghurair emphasized that Cop28 serves as a pivotal platform, rallying banks to act collectively towards sustainable finance. He underscored their role as catalysts for change, urging banking institutions to align their financial strategies to steer the country towards a greener, climate-resilient future.

Strategic Banking Alignment

Eleven prominent UAE banks, including First Abu Dhabi Bank, Mashreq Bank, and Emirates NBD, were highlighted for their commitment to this initiative. The move signifies a concerted effort to align financial operations with the UAE government’s climate agenda and the ongoing Year of Sustainability, fostering a path that integrates finance with environmental sustainability.

Global Recognition for UAE’s Efforts

UAE Central Bank Governor Khaled Balama praised this move, highlighting its significance not only for the UAE but also for global sustainable finance initiatives. The commitment underscores the substantial strides made both locally and globally towards fostering sustainable financial mobilization.

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