The Central Bank of the UAE concluded its Climate Forum yesterday in Abu Dhabi, held under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Central Bank.
The forum emphasized the significance of effective dialogue and close collaboration among key stakeholders to address financial risks related to climate change, promote sustainable financing, and share best practices and experiences. This approach aims to enhance the resilience of the financial system and advance climate action initiatives.
Khaled Mohammed Balama, the Governor of the Central Bank, initiated the forum’s proceedings, with the presence of Her Excellency Dr. Amina bint Abdullah Al Shamsi, Minister of Climate Change and Environment, Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, and James Talbot, Chair of the Monetary Policy Work Group of the Financial System Greenification Initiative, alongside prominent financial leaders and decision-makers.
Khaled Balama noted that the convening of the Climate Forum marks a significant strategic milestone in the UAE’s climate and financial action plan, particularly in light of the ongoing geopolitical and economic challenges and the rapid changes in climate.
He remarked, “The Climate Forum represents a crucial turning point in transitioning from dialogue and exchanging views to practical implementation, through systematic investment in building institutional capacities and updating policies.
This also involves improving operational processes in financial institutions, enhancing the resilience and stability of the financial system, and ensuring its readiness against future risks, thereby achieving the desired balance between sustainable economic growth and environmental protection.” He emphasized that the forum reflects the UAE’s ambitious vision and its commitment to establishing itself as a leading global hub for institutional dialogue on sustainable finance and responsible climate action.
The discussions at the Central Bank’s Climate Forum focused on methods to enhance the integration of climate policies in risk management and investments, highlighting the necessity for effective solutions to bolster the financial sector’s resilience to future climate and environmental challenges.
The forum also addressed frameworks for activating regional and international cooperation in legislation, financial policies, and adopting a proactive approach to developing sustainable Islamic finance solutions, reaffirming the UAE’s growing role as a global leader in steering dialogue on the future of sustainable finance.
Her Excellency Dr. Amina Al Shamsi expressed, “The UAE’s commitment to enhancing climate action and sustainable development is a fundamental pillar of our national vision. This commitment is clearly reflected in achieving the UAE’s Climate Neutrality 2050 strategic goals and the Green Agenda 2030 through an integrated approach involving the entire community. We are actively working to integrate climate policies with financial objectives to promote sustainable growth across all sectors.”
She added, “We believe that bolstering climate financing and investment can drive significant change, create sustainable economic opportunities, and build a resilient financial system that ensures continued sustainable growth. Recognizing the need to accelerate our collective efforts to tackle climate challenges, we value the pivotal role played by the Central Bank of the UAE and the Financial System Greenification Network in strengthening the green finance framework, significantly contributing to the nation’s climate and sustainability goals while simultaneously encouraging social and economic growth.”
Meanwhile, Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, stated, “The Central Bank’s organization of the Financial Sector Greenification Forum reflects its proactive approach and firm commitment to environmental, social, and governance standards as a fundamental aspect of promoting growth, in line with the UAE’s Climate Neutrality 2050 strategy and its Sustainable Development Goals.”
He added, “The UAE Banks Federation reaffirms its commitment to continuous development within the banking and financial system, enhancing financing solutions toward a sustainable future that meets the needs of various community segments. National banks that are members of the Federation have committed to providing over one trillion dirhams in financing support for sustainability projects by 2030, leading the way in sustainable financing solutions.”
At the conclusion of the Central Bank’s Climate Forum, Ibrahim Al Zaabi, Assistant Governor of the Central Bank – Monetary Policy and Financial Stability Sector, affirmed the forum’s success in achieving its strategic objectives by providing a high-level platform for constructive dialogue and enhancing frameworks for joint cooperation among regulatory and financial entities in addressing climate challenges.