The Emirates Green Development Council hosted a high-level national meeting on sustainable finance headed by H.E. Dr. Rashid Ahmed Bin Fahad, Minister of Environment and Water and President of the Emirates Green Development Council. The meeting which was held over two days, in cooperation with the UAE Central Bank, the Insurance Authority, the Securities and Commodities Authority (SCA), Dubai Financial Services Authority (DFSA), and the United Nations Environment Programme Finance Initiative (UNEP FI), saw the participation of international experts in this field.
The High level National Meeting was organized amid the UAE’s ongoing preparations for the 14th Meeting of the Global Roundtable set to be held in Dubai next year in cooperation with the UNEP FI under the theme ‘Islamic Finance in the Context of Green Economy and Sustainable Development.’ To be staged under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, the UAE will be the first country in the Middle East and North Africa to host the high-level international meeting. The global roundtable is expected to attract more than 400 international figures from financial and government institutions, regulatory bodies, civil society organizations, and the academic sector.
The high Level national meeting in Dubai aspired to familiarize the participants with the Emirates Green Development Strategy and its goal of adopting a low carbon green economy to establish sustainable economic, social and environmental sectors. Additionally, the Emirates Green Development Strategy aims to assess the current situation and identify future investment opportunities in green projects. These opportunities will allow for systemic change in funding the key sustainable development efforts.
Speaking on the first day of the meeting, H.E. Dr. Bin Fahad said the Emirates Green Development Strategy was developed to help achieve the objectives of UAE Vision 2021 and other relevant national agendas. It also supports the long-term national initiative of the country to build a low-carbon green economy. H.E. Dr. Bin Fahad emphasized that achieving the goals of the strategy lies on the concerted efforts between the government and private sectors, saying that the private sector’s capacity to respond to the strategy’s provisions is the key to its success. The Minister also maintained that the green economy approach is no longer an option but a necessity to further develop the national economy and enhance the UAE’s competitiveness in relation to global economic variables. He also highlighted the UAE’s leading role in international ‘green’ efforts as well as its prestigious international status as one of the top global green economy centers.
Over the past few years, the Minister of Environment and Water revealed that local government agencies have already adopted an important set of policies developed to ensure the successful implementation of the Emirates Green Development Strategy.
H.E. also hailed the growing number of private enterprises adopting the policies as he called for more investments in green initiatives whose benefits are reaffirmed following a survey conducted under the supervision of the Emirates Green Development Council. The survey was titled “Assessment of the Current Situation and Future Prospects of Green Financing – The banking and Investment Sectors”
H.E. then led the launching of the first report on the state of the green investment for banks and financial institutions in the UAE done in collaboration with the Central Bank and the UNEP FI. With contributions from more than 83 financial companies and institutions, the report highlights the current situation and future outlook on green investments in the state by analyzing the fundamental challenges facing the financial sector. It also shares the views of professionals and experts on drawing a roadmap for sustainable economic growth and development through the integration of the state’s overall efforts.
On the first day, the meeting held panel discussions on the concept and importance of green financing and the current status of green investment financing at the national and global levels. The second day involved detailed workshops for the banking sector during which selected UNEP FI experts made presentations in several areas such as innovation in green finance.