The United Arab Emirates recently participated in the first meeting of the Sustainable Finance Working Group (SFWG) for the year 2023 within the financial track of the Group of Twenty (G20), which was held for the first time under India’s presidency of the Group of Twenty, on the 2nd and 3rd of February 2023 in the city of Guwahati in the state of Assam in India. The meeting discussed the priorities of the Sustainable Finance Working Group for the year 2023, and discussed the views and proposals of countries regarding the group’s directions, in line with the priorities of India’s presidency of the G20. The UAE team participating in the meeting included Thuraya Al Hashemi, Director of the International Tax Department at the Ministry of Finance, and Khalifa Al Fahim, Director of Cash Operations Officer at the UAE Central Bank. The meeting was attended by members of the G20 and invited countries, partners affiliated with the group, and representatives of international organizations such as the International Monetary Fund.
In detail, the meeting reviewed the proposed general direction of the Sustainable Finance Working Group for the year 2023, which includes the proposed work plan and the reports that the group will present during the current year. The meeting discussed the most prominent challenges and obstacles facing the promotion of climate action financing, as well as reviewing the best practices and financial tools that can contribute to financing the 2030 Sustainable Development Goals, and the best ways to build capacities and provide the required competencies to bridge knowledge and skills gaps, in a step that will enhance Attracting capital from the private sector.
The state team thanked India’s move this year towards strengthening joint action on climate finance, as well as the international organizations that worked to study the most important gaps in climate finance. The country team also stressed the need to coordinate with the Sherpa track of the G20 and other working groups in the financial track, such as the International Financial Structure Group, to review the most successful ways to secure climate financing. In terms of sustainable development goals, the country team stressed the importance of coordinating and diversifying the exchange of the most important policies related to sustainable financing to achieve these goals. The team also reviewed the UAE’s efforts to activate the financing system for sustainable development goals, and the most important initiatives and partnerships that have been activated in this regard.
It should be noted that the next meeting of the Sustainable Finance Working Group will be held on March 21-23, to discuss the progress made in the group’s 2023 action plan.
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