UAE banks pledge $270 bln in green finance at COP28 climate talks


Dubai (Reuters) – Banks in the United Arab Emirates on Monday pledged to mobilise 1 trillion dirhams, or around $270 billion, in green finance, the chair of the country’s banking federation told the COP28 climate talks.

Announced on the day dedicated to finance at the event in Dubai, it joins a growing list of pledges on everything from building renewable energy to helping farmers improve soil quality.

“At this pivotal moment it is my great honour to announce a landmark commitment that, fulfilling the UAE ambition, our UBF banking, national banks, have collectively pledged to mobilise over 1 trillion dirham,” Abdul Aziz Al Ghurai said.

(This story has been corrected to fix currency conversion in the headline and paragraph 1)

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