Abu Dhabi: The Central Bank of the UAE (CBUAE) concluded its Climate Forum today in Abu Dhabi, held under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, Chairman of the Board of Directors of the CBUAE. The forum reaffirmed the importance of effective dialogue and close collaboration among key stakeholders in addressing climate-related financial risks, advancing sustainable finance, and exchanging best practices to strengthen the resilience of the financial system and accelerate climate action.
According to Emirates News Agency, the forum is part of the CBUAE's ongoing efforts to drive the transition towards a more sustainable financial system, in line with the UAE's Net Zero by 2050 strategy. Khaled Mohamed Balama, Governor of the CBUAE, opened the forum with notable attendees, including Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, and James Talbot, Chair of the Monetary Policy Workstream at the Network for Greening the Financial System.
In his keynote address, Khaled Mohamed Balama emphasized the strategic importance of the Climate Forum in the UAE's climate and financial action journey. He highlighted the forum as a pivotal turning point from dialogue to practical implementation, aiming to enhance the resilience and stability of the financial system. The forum also reflects the UAE's vision to establish itself as a global hub for discussions on sustainable finance and responsible climate action.
The forum explored ways to integrate climate policies into risk management and investments, emphasizing the need for effective solutions to strengthen the financial sector's resilience against future climate challenges. Discussions included frameworks for regional and international cooperation in legislation, financial policies, and sustainable Islamic finance solutions, underscoring the UAE's leadership in sustainable finance.
The agenda covered strategies for integrating climate risks into regulatory frameworks, adaptation finance tools in emerging markets, and policies to enhance financial systems' resilience to climate change. The forum also focused on empowering financial institutions to adopt global best practices in environmental risk analysis and sustainability disclosures.
Dialogue sessions during the forum brought together policymakers, central bank representatives, and green finance experts to discuss aligning monetary and financial policies with climate goals and the role of innovation in developing green investment tools. These sessions highlighted the importance of building institutional capacities and fostering regional and international cooperation in greening banking operations and sustainable Islamic finance.
Dr. Amna bint Abdullah Al Dahak Al Shamsi spoke on the UAE's commitment to integrating climate policies with financial goals to drive sustainable growth, emphasizing the importance of strategic climate finance and investment. Abdulaziz Al Ghurair underscored the CBUAE's proactive approach to Environmental, Social, and Governance (ESG) principles, reiterating UBF's commitment to sustainable finance, with national banks pledging over AED 1 trillion by 2030.
Ebrahim Al Zaabi, Assistant Governor of Monetary Policy and Financial Stability at the CBUAE, affirmed the forum's success in fostering constructive dialogue and enhancing cooperation among regulatory and financial entities to address climate-related challenges. He reiterated the CBUAE's dedication to supporting the UAE's sustainable development agenda and collaborating with international partners to formulate effective climate policies for financial stability.