The UAE Banks Federation pledged to provide billions of dollars to finance sustainable projects as an additional contribution from the sector to global green transformation efforts.
The President of the Federation, Abdul Aziz Al Ghurair, revealed to the United Nations Climate Change Conference (COP28) that UAE banks have allocated one trillion dirhams (about $ 270 billion) for green finance. "At this pivotal moment, I am honored to announce a historic commitment to achieving the UAE's ambition, as UBF Banking and National Banks collectively pledged to allocate more than one trillion dirhams."
The new initiative follows the announcement by UAE President Sheikh Mohamed bin Zayed of the establishment of a $30 billion fund for climate solutions globally.
Source (Al-Arab Newspaper of London, Edited)
