CBUAE organizes roundtable with banks and insurance companies to promote sustainability in the UAE financial sector

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), hosted the UAE Financial Sector Sustainability Roundtable ahead of COP28 in the UAE in November 2023.

The round table was attended Abdul Aziz Al Ghurair, President of the UAE Federation of Banks, with the participation of CBUAE deputy governors and CEOs and sustainability directors of banks and insurance companies in the UAE.

The roundtable included discussions on the prospects for sustainable finance, CBUAEsustainability efforts and the important role that banks and insurance companies play in promoting sustainable finance. Their planned activities in this regard and to mitigate climate-related financial risks were also highlighted. This adds to a dialogue on opportunities and challenges in sustainable finance, Islamic sustainable finance and regulatory developments in managing climate-related financial risks.

The results of CBUAEThematic reviews of selected banks and insurance companies were also presented, seeking to determine the sector’s readiness to mitigate these risks. The thematic reviews revealed advances in data collection procedures and the governance framework for climate-related financial risks, as well as highlighting green and sustainable financial products that align with sector developments.

In his opening words, Khaled Mohamed Balama, Governor of CBUAE, saying:

“In line with the vision of the UAE leadership, CBUAE is pleased to have organized this roundtable as we seek to work together with the financial sector in a concerted effort to achieve the nation’s Net Zero commitment by 2050. We remain dedicated to introducing initiatives that promote green finance as a contribution to the sustainable economic growth of the UAE.”

Abdul Aziz Al Ghurair, President of the UAE Federation of Banksemphasized the critical role played by the banking sector in aligning with the UAE’s sustainability agenda and the strategy to achieve climate neutrality by 2050.

He also highlighted the qualitative initiatives undertaken by the UAE Central Bank to accelerate the adoption of sustainable financial solutions within the sector, as well as praising the notable achievements of the UAE banking and finance sector in developing and innovating numerous sustainable banking solutions. .

News source: Emirates News Agency