The Global Capacity Building Coalition (GCBC)’s inaugural Forum took a significant turn towards practical progress as Jamal Saleh, Director-General of the UAE Banks Federation, shared an insightful overview of sustainable finance advancements in the UAE over the past year. Representing all banks in the country, the federation’s collective efforts have centered on translating ambitious climate pledges into tangible market shifts.
One of the most notable commitments was the UAE banks’ pledge at COP28 to mobilise over $1 trillion in sustainable financing by 2030—a target Jamal proudly noted they are on track to meet, potentially even ahead of schedule. He underlined the importance of establishing a common definition of sustainable finance at the outset, ensuring a shared understanding across all institutions. This foundational step paved the way for the development of a monthly dashboard to monitor sustainable financing performance, enhancing transparency and accountability for member banks.
Jamal emphasised that transforming the market involves more than just allocating capital to green projects. The federation set out rules for banks to operate more sustainably, not only in their own practices but also through their relationships with customers and suppliers. This holistic approach is guiding the industry toward comprehensive ESG integration, moving beyond the confines of “green finance” to embed sustainability across environmental, social, and governance dimensions.
To support SMEs, the federation is building an end-to-end ecosystem of incentives, equipping smaller enterprises to align with ESG objectives and benefit from the evolving sustainable finance landscape. Harmonising understanding, shaping the right regulatory environment, and ensuring robust capacity building were underscored as key to sustaining this momentum.
Jamal’s keynote effectively highlighted the UAE’s unwavering commitment to scaling sustainable finance. By fostering shared definitions, enhanced oversight, and ecosystem-wide engagement, the federation is setting a strong precedent for how financial institutions can lead the way in driving transformative change.