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UAE emphasises significance of impact investing in achieving sustainable development goals

Country participates in G20 sustainable finance working group meeting

The UAE has emphasised the significance of impact investing in achieving sustainable development goals and promoting the G20 roadmap for sustainable finance.

This was highlighted as the UAE participated in the second sustainable finance working group (SFWG) meeting within the G20 Finance Track for 2023, which was held in Udaipur, India recently to discuss the progress made on the 2023 SFWG work plan.

The UAE delegation 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 programmes in order to respond to the needs of specialists in the sustainable finance sector.

The UAE delegation included Thuraiya AlHashmi, Director of the International Tax Department at the Ministry of Finance, and Abdulaziz Almoalla, Head of the Banking Supervision Team at the Central Bank of the UAE. G20 members, invited countries, and international organisations also attended the meeting.

The meeting focused on the priorities of theSWFG for this year. Members discussed ways to enhance mobilising 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 programmes 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.

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.