UAE participates in 1st Sustainable Finance Working Group 2023

By Arya M Nair, Official Reporter
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UAE in 1st SFWG 2023
Image Courtesy; WAM

The UAE has participated in the first Sustainable Finance Working Group (SFWG) meeting within the G20 Finance Track for 2023, which was held under the Indian Presidency.

The meeting held at Guwahati, Assam, India, sought to discuss the 2023 SFWG work plan and agree on the group’s priority areas for 2023 in line with the priorities of the Indian Presidency.

The UAE delegation included Ms. Thuraiya Alhashmi, Director of the International Tax Department at the Ministry of Finance, and Mr. Khalifa Alfaheem, Senior Director, of Monetary Operations, Monetary Management at the Central Bank of the UAE. G20 members, invited countries, SFWG country members and international organizations such as the International Monetary Fund (IMF) also attended the meeting.

During the two days of the meeting, members shared views on the proposed work plan for the SFWG in 2023, the planned way forward for the working group, and the reports that the group will submit during 2023. The members discussed gaps and challenges to mobilizing finance for climate action, as well as best practices and financial instruments that can enable finance for sustainable development goals in 2030.

Additionally, the members discussed capacity building and technical assistance required to fill the knowledge and skills gaps to attract private capital. The UAE thanked India for directing the G20 efforts towards promoting joint action on climate finance, as well as international organizations that studied climate financing gaps. The UAE also stressed the need to coordinate with the G20 Sherpa Track and other working groups in the finance track, such as the International Financial Architecture (IFA) Working Group, to review the best means of securing climate finance.

On sustainable development goals (SDGs), the UAE emphasized the significance of coordinating and diversifying the exchange of key financing policies related to the achievement of these goals. The UAE also previewed the UAE’s efforts in activating the SDGs financing system and the most prominent initiatives and partnerships that have been activated in this regard.

The next SFWG meeting will take place from the 21st to the 23rd of March 2023 to discuss the progress made on the 2023 work plan.

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