UAE urges international community to pursue green investment

UAE's Minister highlight launch of Dubai Green Fund, with the goal of raising $27bln to fund green projects in the emirate


MADRID - Dr. Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, has participated in the High-level Forum on Climate Finance Strategies for NDC Implementation, a key event organised by the United Nations Framework Convention on Climate Change, UNFCCC, and the World Green Economy Organisation on the sidelines of the 25th Conference of the Parties, COP25, to UNFCCC.

The forum highlighted regional and national strategies to mobilise and access climate finance to meet the priorities of developing countries, as outlined in their nationally determined contributions, NDCs, under the Paris Agreement.

Addressing the forum, Dr. Al Zeyoudi asked the international community to boost sustainability-driven investments and financing, thereby expediting the transition to a green economy to help step up climate action and create a better future for present and future generations.

Showcasing the UAE’s world-leading experiences in this area, the Minister said, "The country’s wise leadership made critical and ambitious strides in the transition to a green economy through approving the UAE Green Growth Strategy. This initiative consolidates the UAE’s environmental stewardship and its status as a hub for the export and re-export of green products and technologies. In doing so, it seeks to help support long-term economic growth." He added, "To meet our solid commitment to driving sustainability ventures, we unveiled the Dubai and Abu Dhabi Declarations on Sustainable Finance that commit UAE-based financial institutions to support the country’s green economic agenda through financing sustainable projects. To date, both declarations have gained the endorsements of 57 signatories."

The minister went on to highlight the launched of the Dubai Green Fund, with the goal of raising US$27 billion to fund green projects in the emirate. Dr. Al Zeyoudi also noted the First Abu Dhabi Bank as an example of best practice, where it financed US$10 billion for green businesses over the next several years, as well as its issuance of a US$587 million 5-year green bond in 2017.

"Notably, HSBC Middle East and Emirates NBD have also introduced green auto loans to promote hybrid or electric vehicles," he added.

The UAE Minister also participated in an informative meeting organised by the UAE Embassy in Spain for Spanish representatives of the public and private sectors and members of the diplomatic corps. In a presentation, Dr. Al Zeyoudi offered the participants insights into the UAE’s long journey of environmental work and the country’s efforts in tackling climate change and biodiversity loss at home and further afield.

Dr. Al Zeyoudi is leading the UAE delegation to COP25 that is running from 2nd to 13th December, in the Spanish capital, Madrid. The delegation comprises 87 members, including representatives of the public and private sectors as well as the youth.

© Copyright Emirates News Agency (WAM) 2019.

More From Investment Guides