RIYADH: The UAE’s green economy is poised to receive significant support as the country’s banking federation and its affiliated national financial institutions have pledged to mobilize over 1 trillion dirhams ($270 billion) for sustainable finance by 2030. Major contributors to the commitment include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, along with Mashreq Bank, and Dubai Islamic Bank, according to a recent update from the UAE Banks Federation. Abdul Aziz Al-Ghurair, chairman of the UBF, emphasized that this commitment reflects the federation’s role in bringing together its member banks and inspiring their collective actions. During an event at COP28 hosted by the UAE"s central bank for Global Climate Action through Fostering Sustainable Finance, Mashreq Bank was recognized as a key supporter of UBF’s commitment. Mashreq Bank’s commitment to facilitating 110 billion dirhams in sustainable finance by 2030 is reinforced by its strong track record in implementing sustainable finance and ongoing initiatives. The bank has played a key role in financing projects related to adaptation, particularly in water initiatives, spanning across Egypt, the UAE, Qatar, Saudi Arabia, and Bahrain, as reported by the Emirates News Agency, WAM. The banking federation added that the UAE’s national banks have each contributed their part to the overall UBF pledge, showing the high level of dedication these banks have in supporting the vision of the country’s leadership. Commenting on his bank’s contribution, the Group CEO of Mashreq, Ahmed Abdelaal, said they are extremely proud to be one of the top contributors to the UAE banking sector’s commitment to sustainable finance. He expresses gratitude to UBF and the Central Bank of the UAE for their leadership and guidance in supporting Mashreq’s role in advancing the national climate agenda. “Facilitating access to financing is a crucial part of the sustainability transition, and our $30 billion by 2030 commitment to sustainable finance is a testament to our active contribution and strong dedication to this milestone,” said Abdelaal. Mashreq’s commitment to sustainable finance is part of its Climb2Change global initiative. This initiative integrates the bank’s wide-ranging environmental, social, and governance milestones. It underscores Mashreq"s impactful contributions to shaping a sustainable future and facilitating the finance required to combat climate change and achieve a net-zero inclusive future. Established in 1982, UBF is a professional representative body of member banks operating in the UAE. It advocates banks’ interests and enhances cooperation and coordination among them to upgrade the banking industry for the benefit of the banking sector and the national economy.