The members of the UAE Sustainable Finance Working Group (SFWG) have released their second public statement, titled "2022 Public Statement on Collaboration on Sustainable Finance in the UAE," providing an overview of their ongoing efforts and progress updates on sustainable finance within the UAE in pursuit of sustainable growth of the nation and recognition of the coordinated actions of the 27th United Nations (UN) Climate Change Conference (COP27).
The latest statement highlighted the importance of the financial sector in channelling private capital towards sustainable projects, businesses, and products within the UAE, and showcased the growth of the UAE's international commitments such as the UAE Green Agenda 2015-2030, the National Climate Change Plan of the UAE 2017-2050, and the UAE Net Zero by 2050 Strategic Initiative. The 2021 Public Statement established a "Roadmap" for the necessary scaling up of sustainable finance in the UAE by expanding upon the Guiding Principles on Sustainable Finance in the UAE. This centred on improving sustainability disclosure, promoting corporate governance with a focus on sustainability, and creating a taxonomy for sustainable finance in the United Arab Emirates. Due to the United Arab Emirates's (UAE) hosting of COP28 in 2020, the SFWG plans to make further progress on its work over the next year and publish more precise results in 2023. Members want to solicit comments from the industry and relevant stakeholders on these ideas.
