During the United Nations Climate Change Conference (COP28) held in Dubai, the Chairman of the UAE Banks Federation, Abdul Aziz Al Ghurair, announced on Monday that UAE banks have allocated one trillion dirhams, approximately $270 billion, for green financing.
This announcement, made on the conference’s dedicated financing day, adds to a growing list of commitments covering a wide range of initiatives, from renewable energy projects to assisting farmers in improving soil quality.
Al Ghurair stated, “At this pivotal moment, I am honored to announce a historic commitment to fulfill the ambitious goals of the United Arab Emirates.
The banking sector, represented by the UAE Banks Federation and national banks collectively, has pledged to allocate more than one trillion dirhams.”
This substantial commitment reflects the UAE’s dedication to advancing sustainable and environmentally friendly initiatives, aligning with global efforts to combat climate change.
The funds will play a crucial role in supporting projects that promote sustainability and reduce the country’s carbon footprint.
The announcement underscores the UAE’s commitment to being a leader in the global transition towards a greener and more sustainable future.
