back Back

UAE banks commit $51.8b in green financing

By Delisha Fernandes

August 22, 2023

  • Banking Solutions
  • Central Bank of the UAE
  • Fintech news

UAE banking , UAE Banks Federation, banking solutions, Sustainable Finance, SMEs, FinTech news, FinTech UAEUAE Banks Federation (UBF), a sole representative of banks in the UAE, has revealed the success of the UAE banking and financial sector in developing sustainable banking solutions.

According to UBF members, six major banks (FAB, ADCB, ENBD, DIB, Mashreq, and ADIB) have collectively dedicated over AED 190 billion ($51.8 billion) in green financing for various projects.

This move is in line with the UAE’s strategy to reduce emissions and achieve climate neutrality by 2050 and with United Nations Sustainable Development Goals.

The Federation highlighted the proactive role of the banking sector in combating climate change through green financing commitments and climate initiatives and said that providing green finance and issuing green-oriented funds has emerged as a powerful mechanism to meet sustainability commitments of various organisations in the UAE.

Jamal Saleh, Director General of UAE Banks Federation (UBF), said, “Sustainability is a top priority for us. While Central Bank of the UAE leads integrating it into the regulatory frameworks and advancing Islamic sustainable finance in the UAE, we at UBF are committed to supporting its goals in delivering necessary changes in our UAE finance sector. And, in line with National Climate Change Plan of the UAE 2050 and United Nations’ SDGs, our financial sector is playing a pivotal role in helping the UAE achieve net zero emissions.”

The UAE Banks Federation identified three major areas through which Federation members will drive the transformation of the financial sector. First, propelling green projects by providing funds and issuing green bonds. Second, by inculcating green practices among customers, SMEs, suppliers, and vendors by promoting eco-friendly operations and living. And, last, by measuring and efficiently managing every UBF member’s own carbon footprint and reporting the reductions achieved by the sector.

Previous Article

August 22, 2023

Cynergy Bank lands $21m funding from British Business Investments

Read More
Next Article

August 22, 2023

Fincover offers customers to check free credit score on its platform

Read More

IBSi Daily News Analysis

Data privacy

July 16, 2024

Banking Solutions

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


TISA goes live with Oracle’s core banking system, Flexcube 14.7

Read More

July 15, 2024

National Bank of Fujairah unveils digital platform for business account opening

Read More

July 15, 2024

5 Neobanks making waves in Scandinavia’s challenger ecosystem

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024