The UAE hosted the third National Dialogue on Climate Ambition under the slogan “Financing the UAE’s climate neutrality by 2050”.
A dialogue on the financial sector was organized at the Ministry of Climate Change and Environment and the dialogue session was attended by 80 representatives from relevant government and private sector organizations including financial regulators, banks and financial institutions.
Climate neutral..and sustainable financing
Participants in the dialogue session discussed trends in global sustainability financing, and reviewed the status of this type of financing at the local level, with the aim of exploring the tools and mechanisms needed to support the UAE’s journey to achieving climate neutrality. Discussions also highlighted the need for approximately $1.2 trillion in investments to decarbonize the regional economy in the Middle East and North Africa region.
Mariam Bint Mohammed Al Muhairi, Minister of Climate Change and Environment, said: The UAE Government is committed to translating the vision of sustainable economic growth for rational leadership into a concrete reality through an accelerated and integrated system. Achieving the goals of the Strategic Initiative to achieve climate neutrality by 2050 is one of its most important pillars. This requires great cooperation and coordination between the public and private sectors to develop mechanisms for project financing and the means to achieve this goal. Therefore, we are working through the National Dialogue to invite all parties working in the financial sector to discuss ways to improve our cooperation to explore opportunities to accelerate the decarbonisation of priority sectors.
The past years have seen a huge growth in the field of sustainable finance in the UAE, with the launch of the UAE Framework for Sustainable Finance in 2021, which aims to intensify collaboration between the public and private sectors and direct capital to climate-smart and environmental. Friendly Investments.
The ADGM Sustainable Finance Agenda has also identified a blueprint for creating a sustainable finance hub in the country with the aim of promoting green and sustainable investments in the region.
Promoting the participation of the private sector in this sector, the Dubai Declaration on Sustainable Finance and the Abu Dhabi Declaration on Sustainable Finance contribute to the transition of UAE-based financial institutions towards a green economy by financing sustainable projects.
The Dubai Sustainable Finance Task Force brings together financial sector and financial markets regulators at the local level to promote cooperation and coordination among them with the aim of creating an environment for sustainable finance.
National Dialogue Series on Climate Ambition
The Ministry of Climate Change and Environment launched the National Dialogue Series on Climate Ambition last May, which will continue till October, and serves as a national platform to raise climate ambition and promote decarbonisation efforts in various sectors including manufacturing, cement, waste. Transportation and Energy.
The financial sector has been included in the dialogue series as a factor in achieving climate neutrality, and the national dialogue aims to develop a national vision on sustainability and support the UAE’s strategic initiative to achieve climate neutrality by 2050.
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