Photo by Azhar J from Unsplash

UAE to fund US$272.3b in sustainable finance by 2030 duringCOP 28

Funds will deploy net zero-emission solutions for a sustainable future.

The United Arab Emirates, through the Central Bank of the United Arab Emirates (CBUAE), said it is committed to allocating about US$272.3b (AED 1t) for sustainable finance by 2030.

Unveiled during COP28, this funding will help speed up climate finance solutions and support a sustainable future. The COP 28, also known as the nuclear COP, includes more than 20 markets that vowed to triple global nuclear energy generation by 2050.

The banking sector within the UAE, covered by the UAE Banks Federation, also organised their respective sustainable finance targets and set foundations for plans of sustainable transformation and climate action.

In addition, the strategy by CBUAE encourages cooperation with global leaders of major international financial institutions and prioritises the challenges faced by various regions to formulate solutions for global climate action and foster sustainable finance.

ALSO READ: Bahrain unveils National Energy Strategy for 2060 net-zero emissions

“It underscores the significant efforts in the UAE and globally towards sustainable finance mobilisation. As we navigate the challenges posed by climate change, the financial sector must play a pivotal role in fostering innovative solutions and ensuring resilience,” His Excellency Khaled Mohamed Balama, governor of CBUAE, stated.

Another highlight during the event is CBUAE disclosing solutions of the COP28 UAE TechSprint, an initiative launched, in cooperation with the Bank for International Settlements, the COP28 Presidency, and the Emirates Institute of Finance. It serves as a measure to expand the relevance of digitalisation in the UAE’s sustainable finance sector.

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