UAE Reinforces Commitment to Sustainable Finance at COP28-G20 Conference

UAE, 10 August, 2024 : His Excellency Mohamed Bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, reiterated the UAE's dedication to sustainable finance during the COP28-G20 Conference on Sustainable Finance held on July 24. The conference, part of the G20 finance ministers' and central bank governors' meetings, was co-organized by COP28 and Brazil, the current G20 Chair.

Al Hussaini highlighted the UAE's plan to bridge the financing gap by encouraging UAE banks to offer sustainable financing by 2030. He also noted the UAE’s contributions to the International Monetary Fund for resilience and sustainability, particularly in supporting countries vulnerable to climate change. Additionally, he emphasized that the UAE is the largest contributor to the GFMR trust fund.

During his address, Al Hussaini underscored the global consensus achieved at COP28, hosted by the UAE, to limit global temperature rise to 1.5°C. He stressed the importance of transitioning away from fossil fuels and the need to mobilize public, private, and charitable funding to achieve these climate goals.

The conference included discussions on creating a renewable financial structure, unlocking investment opportunities for climate action, and enhancing the role of multilateral development banks. The UAE delegation, led by Al Hussaini, included key officials from the Ministry of Finance and the Central Bank of the UAE.

Brazil, through its Sustainable Finance Working Group (SFWG), has guided the G20’s agenda on sustainable finance, focusing on enhancing access to international climate funds, promoting fair transformation plans, and establishing sustainability reporting standards.

Source : www.mof.gov.ae