- UAE banks pledge $200 billion for green finance at Dubai event.
- Commitment spans renewable energy and soil improvement for farmers.
In a significant move at an event in Dubai dedicated to finance, banks in the United Arab Emirates have declared a commitment to mobilize about 1 trillion dirhams, equivalent to around $200 billion, in green finance. This monumental pledge aligns with the UAE’s aspirations and encompasses diverse initiatives, from bolstering renewable energy projects to supporting farmers in enhancing soil quality.
During the finance-focused day of the event, the UAE Banks Federation (UBF) unveiled this landmark commitment, representing a collaborative effort by national banks. The announcement underlines the nation’s resolve to actively contribute to the global push for sustainable and environmentally friendly financial practices. This formidable financial commitment holds substantial promise for global climate action at this critical juncture.