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The UAE participated in the first Sustainable Finance Working Group (SFWG) meeting within the G20 Finance Track for 2022, which was held virtually for the first time under the Indonesian Presidency; to discuss the working group priorities for the year 2022 and seek countries’ feedback and views on the proposed next steps.Thuraya Al Hashemi, Projects Manager at MoF, and Abdulla Al Muhairi, Chief Manager – Banking Supervision Departments at the Central Bank of the UAE, participated in the meeting, along with G20 members and invited countries, and representatives of international organisations and the SFWG’s affiliated partners.The meeting deliberated the overall proposed direction of the working group for 2022, including the suggested work plan and reports that the group will deliver during this year. The discussion focused on the importance of international sustainable finance policy-making in line with the goals of the Paris Agreement and the objectives of the 2030 Agenda, in order to achieve a strong, sustainable, inclusive, and balanced growth. The members emphasised the importance of sustainable finance instruments and the adoption of stimulating policies to incentivise the sustainable transition. They also discussed the challenges and opportunities related to other sustainability issues and highlighted the gaps and barriers in mobilising sustainable finance.As the UAE prepares to host COP28 next year, the UAE team noted that achieving sustainable growth is at the forefront of the UAE’s climate goals. In turn, the UAE provided a suggestion to the SFWG to develop international standards, to help a larger number of countries reach the classification system for sustainable finance; as well as bolster coordination between the different systems of countries. The UAE team also stressed on the need for the SFWG to move towards devising a programme to support SMEs operating in areas of sustainable economy.At the end of the meeting, the members and international organisations participating in the meeting agreed on the work plan of the group for the year 2022; and progress in this regard will be deliberated at the group’s next meeting in March 2022.
