In a significant step towards a sustainable future, the UAE has positioned itself as a leader in green finance – that encompasses investments in projects that provide environmental benefits, including renewable energy, eco-friendly technologies and sustainable infrastructure.
The Gulf state has brought its economic diversity, strategic vision, environmental consciousness and the fight against climate change in perfect alignment. Its green finance strategy extends beyond its borders, influencing economies globally.
The UAE is setting an example for other countries in the region and beyond. By prioritising green finance, the nation is not only addressing environmental concerns but also creating new economic opportunities and promoting sustainable development.
State of green finance in the UAE
The changing climate has become a matter of serious concern across the globe. In such tough periods, the Emirates’ proactive stance on green finance is a beacon of hope. It demonstrates how countries can bring economic growth and sustainability in perfect alignment.
The UAE’s journey in green finance is a testament to its commitment to a greener future, setting a benchmark for other countries to emulate. The Gulf state played a notable role at the recently concluded COP28 climate conference in Dubai.
The annual Summit tends to be a global platform for discussing climate change and related challenges. The event saw the UAE share important insights on leveraging finance to support sustainable development and ensure a brighter future for all.
The UAE has been fostering green finance through different policies and frameworks. It has established the Green Bonds and Sukuk Framework to encourage investments in green projects, demonstrating a blend of innovation and traditional financial instruments.
COP28 Summit delivering important outcomes
In recent years, the nation has made considerable investments in renewable energy, notably in solar power. The Mohammed bin Rashid Al Maktoum Solar Park in Dubai exemplifies the UAE’s commitment to renewable power. It remains one of the largest solar parks on the planet.
The COP28 Summit delivered a series of important outcomes, including the operationalisation of the landmark Loss and Damage Fund, acknowledgement of the need to transition away from fossil fuels, and an agreement on a framework for the global goal of adaptation.
The conference at Expo City Dubai came against a backdrop of rising global temperatures breaking new records. In fact, a few days after the Summit, the EU’s Copernicus Climate Change Service confirmed 2023 as Earth’s hottest year ever.
