Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) participated in the 18th high-level meeting on financial stability and regulatory and supervisory priorities.
The meeting was organized by the Arab Monetary Fund in Abu Dhabi on 6- 7 December 2023, and attended by Governors and officials of central banks and regulatory authorities representing 19 Arab countries, in addition to Governors of international central banks and heads of international financial institutions.
In his opening remarks, Balama confirmed the significance of this meeting, which coincides with the UAE’s hosting of COP28, to enhance the capabilities of central banks and regulatory institutions to adapt to changing international market conditions and emerging risks. On the finance day at COP28, the banking sector in the UAE committed to providing financing facilities of ‘AED 1 Trillion’ by 2030 to meet the challenges of climate change.
Balama emphasised to pursue informed policies towards the impacts of climate change,
which can affect our objectives as micro- and macro-prudential supervisors. He added that the CBUAE continues to refine its approach to addressing the risks of climate change through several policies. These include undertaking stress testing on climate change, issuing guidelines on how to manage climate-related financial risks.
Source: Emirates News Agency