Ministry of Climate Change and Environment organises 1st plenary meeting

The Ministry of Climate Change and Environment, MOCCAE, organised the 1st plenary meeting for the Dubai Declaration signatories.

It was hosted by First Abu Dhabi Bank (FAB) at JW Marques Hotel Dubai, in partnership with the Central Bank of the UAE.

The meeting was attended by Dr. Thani Ahmed Al Zeyoudi, Minister of Climate Change and Environment, and the representatives of leading banks and financial firms in the UAE.

The Dubai Declaration on Sustainable Finance was launched during the UNEP FI 14th Global Round Table, held in Dubai in October 2016, to showcase the UAE’s sustainability actions and commitment to support a green economy. As of August 2017, 32 institutions have signed the Dubai Declaration.

Dr. Thani Al Zeyoudi presented each signatory with a memorial shield of the Dubai Declaration.

Aisha Mohamed Abdullah Al Abdooli, Director of Green Development Department at the ministry, praised Dubai Declaration signatories for their efforts and commitments to facilitate funding for sustainable development projects in the UAE. She presented an update on the progress of the Dubai Declaration, concerning the achievements of the related UAE Steering Group on Sustainable Finance.

"The transformation towards a green economy requires the UAE to raise investments in renewable energy and energy efficiency projects, as well as build green cities and infrastructure. Attracting private-sector finance is ultimately a decisive factor for the success of the UAE’s sustainable development. Therefore, promoting sustainable finance practice among the UAE financial institutions will be a key component of the UAE Green Agenda 2030," Al Abdooli said.

"We would like to highlight that this is your initiative, and we hope to see this group grow into a sector-driven, self-sustaining initiative through your active participation," she added.

A few signatories made presentations on their latest initiatives on sustainable finance. FAB, one of the original signatories to the Dubai Declaration in 2016, gave an update on its first ever Green Bond from the Middle East. Emirates NBD and HSBC Middle East also updated the attendees on the green auto loans program, which encourages customers to buy hybrid or electric vehicles.

Karim Karoui, Group Head of Subsidiaries, Strategy and Transformation, said, "We understand the important role that FAB, and the financial sector, has to play to support the UAE’s green economy transformation. We are honoured to host this event and support the Dubai Declaration, which will raise awareness about sustainable financial practices, in line with the UAE Green Agenda 2015–2030. Today’s meeting marks an important milestone for our industry, nation and the wider region, and we are proud to be part of this initiative."

In the second half of the meeting, the attendees discussed a proposal to move the UAE Steering Group on Sustainable Finance forward to fulfil the commitments and support the contribution to the UAE Vision 2021, the Green Agenda and the UN Sustainable Development Goals (SDGs)