CBUAE Climate Forum Concludes In Abu Dhabi, Highlighting Sustainable Finance And Climate Action

The Central Bank of the UAE (CBUAE) recently concluded its Climate Forum in Abu Dhabi. The event, held under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, highlighted the importance of collaboration among stakeholders to tackle climate-related financial risks. The forum aimed to advance sustainable finance and share best practices to enhance financial system resilience and accelerate climate action.

Dr. Amna bint Abdullah Al Dahak Al Shamsi emphasised, "The UAE's commitment to climate action and sustainable development is a cornerstone of our national vision. This is powerfully demonstrated by our Net Zero 2050 Strategy and Green Agenda 2030, and further reinforced by our whole-of-society approach. We are actively integrating climate policies directly with financial goals, thereby driving sector-wide sustainable growth."

The forum's agenda covered various themes in sustainable finance, such as integrating climate risks into regulatory frameworks and adaptation finance tools in emerging markets. It also explored policies to enhance financial systems' resilience against climate change. Empowering financial institutions to adopt global best practices in environmental risk analysis and sustainability disclosures was a key focus.

Khaled Mohamed Balama, Governor of the CBUAE, opened the forum alongside Dr. Amna bint Abdullah Al Dahak Al Shamsi, Abdulaziz Al Ghurair, and James Talbot. They were joined by financial leaders, policymakers, international experts in sustainable finance and climate risks, and senior officials from regulatory bodies and financial institutions worldwide.

In his keynote address, Khaled Mohamed Balama stated that the Climate Forum marks a strategic milestone in the UAE's journey towards climate and financial action. He noted that it represents a shift from dialogue to practical implementation through investment in institutional capabilities and policy updates within financial institutions.

The forum also included dialogue sessions with policymakers, central bank representatives, and green finance experts. These sessions discussed aligning monetary policies with climate goals and the role of innovation in developing green investment tools. They also addressed building institutional capabilities for regional cooperation in greening banking operations.

Commitment to ESG Principles

Abdulaziz Al Ghurair remarked on the CBUAE’s proactive approach towards Environmental, Social, and Governance (ESG) principles as a core growth driver aligned with the UAE’s Net-Zero 2050 strategy. He highlighted UBF’s commitment to enhancing the banking ecosystem through innovative finance solutions for a sustainable future.

Ebrahim Al Zaabi concluded that the forum successfully achieved its strategic objectives by fostering dialogue among regulatory entities to address climate-related challenges. He noted that discussions enhanced understanding of current challenges while exploring opportunities for developing a resilient financial system through partnerships.

Driving Sustainable Growth

The forum discussed enhancing climate policy integration into risk management and investments while finding solutions to strengthen the financial sector's resilience against future challenges. It also focused on regional cooperation in legislation and adopting sustainable Islamic finance solutions.

Ebrahim Al Zaabi affirmed CBUAE’s commitment to supporting UAE's sustainable development agenda by working closely with local and international partners like NGFC. Their efforts aim at formulating effective climate policies contributing to financial stability at both local and international levels.

With inputs from WAM