The UN Environment Finance Initiative 2016 Global Roundtable was recently held in Dubai, United Arab Emirates on 25-26 October 2016. The event started with a major commitment from local financial institutions, the Dubai Declaration on Sustainable Finance includes the committment of eleven UAE-based financial institutions to support the UAE Vision 2021, which highlights a transition to a green economy.
The Global Roundtable was opened by H.E. Dr. Thani Ahmed Al Zeyoudi, Minister of Climate Change and Environment, and H.E. Mubarak Rashid Khamis Al Mansouri, Governor of the Central Bank of the UAE.
"The Dubai Declaration is the continuation of work to bring about a fundamental change in the finance sector, both conventional and Islamic, establishing strategic partnerships with major local investment and financing institutions" said Dr. Thani Ahmed Al Zeyoudi.
The importance of partnerships between the public and private sector to enable change, as well as the essential role of the finance community to deliver a green global economy, are two messages that were reiterated throughout the two-day event. Delegates had many opportunities to discuss the tools and policies to drive the transition.
The signatories stressed the need for cooperation between the financial sector, UAE Government, UN Environment and other relevant institutions to contribute to the process of transformation by:
- Improving the institution’s corporate environmental and social performance;
- Providing stakeholders with economic, environmental and social opportunities;
- Lending to, investing in, facilitating financing, or providing insurance to the projects, businesses and customers with sustainable purposes;
- Supporting the growth of a successful small and medium-sized enterprise (SME) sector; and
- Taking into account climate and environmental, social and governance (ESG) risk in the institution’s risk management processes.