Coinciding with the UAE’s hosting of COP28, the Central Bank of the United Arab Emirates (CBUAE), in cooperation with the COP28 Presidency, on December 04, 2023 organized an event to facilitate global climate finance solutions and progress towards a sustainable future. During this global event, the UAE Banks Federation announced a significant initiative from the UAE banking sector to collectively mobilize over one trillion dirhams in sustainable finance by 2030. Held on Finance Day at COP28, the event is aligned with the CBUAE’s strategy to lead sustainable finance efforts to enable climate action. Bringing together global leaders of key international financial institutions to address global climate action and foster sustainable finance, the panel featured H.E. Kristalina Georgieva, Managing Director of the International Monetary Fund; H.E. Ravi Menon, Managing Director of the Monetary Authority of Singapore; and Mark Carney, UN Special Envoy for Climate Action and Finance. The global leaders underscored the crucial role of sustainable finance in global climate action and outlined steps to overcome challenges faced by different global regions. The CBUAE emphasized the role of digitalization and advanced technology innovations in driving global climate action and sustainable finance. During the event, the CBUAE highlighted the solutions of the COP28 UAE TechSprint – a global initiative launched by the CBUAE in collaboration with the Bank for International Settlements, the COP28 Presidency, and the Emirates Institute of Finance, with the aim of advancing innovative technology solutions in sustainable finance to scale up climate action. https://tinyurl.com/y9hdr4jk
Source: IBP