COP28: UAE banks allocate $270 billion in green finance

The UAE’s banks have pledged to provide credit facilities worth AED 1 trillion ($270 billion) until 2030 to support green finance, UAE Banking Federation Chairman Abdulaziz Al Ghurair said during COP28.

“The goal is to deepen and accelerate the transition to sustainable practices in the banking and financial sectors,” Al-Ghurair said.

The announcement comes three days after Sheikh Mohammed bin Zayed, President of the United Arab Emirates, announced the establishment of a $30 billion fund for climate solutions worldwide.

The UAE has invested $100 billion in climate finance and renewable and clean energy and is committed to investing an additional $130 billion over the next seven years, according to Sheikh Mohammed.

Recently, 200 countries agreed on the management of a fund designed to help vulnerable countries cope with the most severe weather conditions caused by global warming, and rich countries pledged to provide at least $260 million to start the work of the program.