The UAE recently participated in the third Sustainable Finance Working Group (SFWG) meeting within the G20 Finance Track for 2022, which was held on 14 and 15 June 2022. The meeting, which was held under the Indonesian presidency of the G20, sought to provide members with an update on the progress made on the G20 Sustainable Finance Roadmap, and SFWG 2022 annual plan to date.
Thuraiya Al Hashmi, Projects Manager at the Ministry of Finance, and Abdulla Al Muhairi, Chief Manager – Banking Supervision Departments at the Central Bank of the UAE, participated in the meeting, along with G20 members, invited countries, representatives of international organisations and the SFWG’s affiliated partners.
The meeting reviewed policy levers that promote sustainable finance in support of the transition in G20 members countries, leveraging what has been discussed in the G20 Policy Levers Forum that was held on the 13th of June 2022. Members also deliberated options to scaling-up sustainable finance instruments, and recommendations for improving financial institution commitments.
The UAE team praised the efforts made to devise effective sustainable financing solutions, and stressed on the need to activate the road map related to financial sustainability as a main reference for the group and other countries on the legislative efforts.
The ministry’s team also reviewed the UAE’s pioneering efforts to build an integrated regulatory and legislative environment for sustainable financing in the country, and presented the progress made by the regulatory authorities in line with the UAE Net Zero 2050. MoF team presented the most prominent challenges while stressing on the need to devise the relevant solutions that would enable countries wishing to develop this vital sector. The UAE team also expressed willingness to exchange views and share best practices with members of the group and other countries aiming to learn more about the UAE’s pioneering experience in this field.
At the end of the meeting, the members and international organisations participating in the meeting agreed to preview the progress made in terms of the SFWG outputs during the Finance Ministers and Central Bank Governors (FMCBG) meeting in July 2022. They also agreed to continue working on the implementation of the group’s work plan until they meet again in September 2022.