UAE participates in 2nd SFWG to enhance green economy goals

By Arya M Nair, Official Reporter
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UAE at SFWG 2023
Image Courtesy; WAM

The UAE has participated in the second Sustainable Finance Working Group (SFWG) meeting within the G20 Finance Track for 2023, which was held in Udaipur, India, to discuss the progress made on the 2023 SFWG work plan.

The UAE delegation included Ms. Thuraiya Al Hashmi, Director of the International Tax Department at the Ministry of Finance, and Mr. Abdulaziz Al Moalla, Head of the Banking Supervision Team at the Central Bank of the UAE. G20 members, invited countries, and international organizations also attended the meeting.

The meeting focused on the priorities of the Sustainable Finance Working group for this year, and members discussed ways to enhance mobilizing finance for climate action and shared best practices and finance tools that can contribute to financing the 2030 Sustainable Development Goals. Additionally, members showcased local capacity-building programs and efforts to promote sustainable finance.

The Indian presidency had also arranged two side workshops for the SFWG members to discuss non-pricing policy levers to support sustainable investment and the provision of finance for Sustainable Development Goals. During the two workshops, members exchanged their country-level knowledge, expertise and experiences on these priorities.

During their intervention, the UAE team emphasized the significance of impact investing in achieving sustainable development goals and promoting the G20 roadmap for sustainable finance, and previewed the UAE’s experience in stimulating social investment through public-private partnerships. The team also stressed that the G20 should cooperate with sustainable finance experts in the development of capacity-building programs in order to respond to the needs of specialists in the sustainable finance sector.

The members agreed to review the progress on the group’s 2023 work plan during the upcoming meeting, which will be scheduled by India’s G20 Presidency.

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