CBUAE's forum addresses key climate-related financial risks

The Central Bank of the UAE (CBUAE) concluded its Climate Forum today in Abu Dhabi, held under the patronage of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, Chairman of the Board of Directors of the CBUAE.

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The forum reaffirmed the importance of effective dialogue and close collaboration among key stakeholders in addressing climate-related financial risks, advancing sustainable finance and exchanging best practices to strengthen the resilience of the financial system and accelerate climate action.

The forum comes as part of the CBUAE's ongoing efforts to drive the transition towards a more sustainable financial system and strengthen its vital role in leading sustainable finance efforts, in line with the UAE's Net Zero by 2050 strategy.

Khaled Mohamed Balama, Governor of the CBUAE, opened the forum in the presence of Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, and James Talbot, Chair of the Monetary Policy Workstream at the Network for Greening the Financial System, alongside a group of financial leaders, policymakers, international experts in sustainable finance and climate risks, and senior officials from regulatory bodies, central banks, and local and international financial institutions.

In his keynote address, Khaled Mohamed Balama emphasised that the Climate Forum represents a strategic milestone in the UAE's journey of climate and financial action, especially in light of the geopolitical and economic challenges and accelerating climate changes witnessed globally.