UAE banks pledge $270bln in green finance at COP28

December 04, 2023

Banks in the United Arab Emirates (UAE) have pledged their commitment to a substantial green finance initiative. The UAE’s banking federation chair, Abdul Aziz Al Ghurair, announced the mobilization of 1 trillion dirhams, equivalent to $270 billion, to support projects focused on environmental sustainability.

This landmark commitment reflects the UAE’s aspirations towards green finance and environmental conservation.

Unprecedented commitment to green finance
This pledge was made on a day at COP28 dedicated to financial matters, adding to a series of commitments aimed at promoting environmental sustainability. These initiatives include the development of renewable energy sources and improving soil quality for farmers. The commitment is a distinctive milestone that aligns with the nation’s environmental objectives, reinforcing the UAE’s leading role in promoting green finance.

Respect for climate science
COP28 President, Sultan al-Jaber, emphasized his respect for climate science, stating that his presidency’s work revolves around it. This assertion underlines the importance of scientific findings in shaping climate policies, highlighting the critical role of evidence-based decision-making in tackling climate change.

Global efforts towards environmental sustainability
In related developments, a coalition led by the Rockefeller Foundation introduced a pilot program to use carbon credits for the early retirement of a coal power plant in the Philippines. This initiative is an innovative approach to reducing carbon emissions and illustrates the global efforts towards environmental sustainability. In addition, the World Health Organization has warned that the impact of climate change on public health could increase the global death toll by 250,000 per year starting from 2030 due to malnutrition, malaria, diarrhea, and heat stress. These alarming statistics highlight the urgency of addressing climate change.

Financial commitments at the forefront of COP28
Financial commitments have become a focal point at COP28, as delegates address the significant gap between the required climate finance and current pledges. As the world grapples with the realities of climate change, the COP28 summit presents an opportunity for nations to demonstrate their commitment to sustainability through substantial financial investments.