At a Glance
|Strategic Outcomes||SO1 Reduced GHG emission|
|Start Date||Q1 01 JAN 2020|
|End Date||q4 31 Dec 2021|
|Actual Budget (USD)||75,000|
|Actual Expenditure (USD)||87000*|
|GGGI Share (USD)|
|Poverty and Gender Policy Markers|
|Name of Client (Lead/Prime implementer if GGGI is part of a consortium)||Ministry of Climate Change and Environment (MOCCAE)|
|Participating Organization (Funding/donor)||Ministry of Climate Change and Environment (MOCCAE)|
|Name of consortium members, if any|
In line with the UAE Vision 2021 and the Green Agenda, which both promote resource allocation for green projects and innovative financing tools, GGGI assisted MOCCAE to develop the UAE Sustainable Finance Framework (SFF) in Q1 2021. The SFF aims to deepen cooperation between the public and private sectors and seeks to create an improved enabling environment to mainstream sustainable finance practices, resulting in greater volumes of climate- and green investments within the UAE.
The need for prioritizing sustainable finance has only become more pronounced during the global COVID-19 pandemic, which has had a profound impact across all aspects of society in the UAE. Beyond addressing the immediate health issues, as the UAE economy looks towards formulating its recovery plans, growing attentions are demanded to better understand and manage environmental, social, and governance (ESG) risks in addition to climate risks to fend off future disruptions of this magnitude. The launch of the SFF follows along the UAE’s prior achievements in the development of the Dubai Declaration on Sustainable Finance and the Abu Dhabi Sustainable Finance Declaration.
GGGI has been supporting its member countries in the development of enabling environments for sustainable finance from strengthening policy and institutional frameworks to project origination, development, and resource mobilization for both preparatory work and project implementation. Based on this expertise, GGGI has extended its collaboration with MOCCAE in providing technical support to the development of the SFF and in gathering relevant stakeholder participation to bolster this initiative.
Note: The approved budget and actual expenditure figures indicated as of Q4 2020.
Project Impact, Outcome and Output
Impact: UAE’s economy continues in its transition to a sustainable, climate-resilient economy based on strengthened sustainable finance mobilization
Outcome: Enhanced UAE’s capacity to mainstream sustainable finance practices and deliver sustainable investment projects
Output: UAE Sustainable Finance Framework (Completed in Q1 2021).