UAE institutions agree to fund sustainable projects
dubai — The UAE’s financial institutions participating at the United Nations Environment Programme (UNEP) Finance Initiative’s 14th Global Roundtable have signed the Dubai Declaration on Sustainable Financing.
With the signing of the declaration, they have confirmed their support for the UAE Vision 2021 and for transforming the national economy to a green economy in accordance with the UAE Green Agenda 20152030.
The signatories also stressed the need for co-operation between the financial sector, the UAE government, UNEP and other relevant institutions to contribute to the process of transformation.
This can be done by improving corporate environmental and societal performance, providing economic, environmental and social opportunities and lending, investing or providing insurance to projects, businesses and customers with sustainable purposes.
It could also be done by supporting the growth of a successful small and medium-sized enterprise sector, as well as by taking into account climate and environmental, social and governance risk in the institution’s risk management processes.
The event was inaugurated by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment. The two-day event is being hosted by the UAE, represented by the Ministry of Climate Change and Environment, in collaboration with the UAE’s Central Bank, in Dubai.
Sustainable projects
Dr Al Zeyoudi said: “We are meeting here today to continue the discussion of funding sustainable development projects and we all
Achieving a green economy requires the contribution of the private sector to invest in several projects, not only in the renewable energy sector, but also in various green and eco-friendly business areas Mubarak Rashid Khamis Al Mansouri, governor of the UAE Central Bank hope to contribute to the positive atmosphere created by the globally accepted Sustainable Development Goals 2030 and the Paris Agreement on climate change to overcome the obstacles of securing the necessary funding for the process of transformation, especially in the least developed countries,” he said.
Dr Al Zeyoudi indicated that the issue of financing green investments is the main approach in the UAE Green Development Strategy under the slogan ‘Green Economy for Sustainable Development’.
Mubarak Rashid Khamis Al Mansouri, governor of the Central Bank, said: “Achieving a green economy requires the contribution of the private sector to invest in several projects, not only in the renewable energy sector, but also in various green and eco-friendly business areas. We need to work towards improving bank financing for green projects in the UAE, and to find the best way to contribute to the government’s efforts to change the flow of investments in the field of sustainability.
“The Central Bank has begun to work closely with the Ministry of Climate Change and Environment and the Federation of UAE Banks in order to involve UAE financial institutions in sustainable funding dialogue sessions.” — Wam