At a Glance
Strategic Outcomes | SO6 Enhanced adaptation to climate change |
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Start Date | Q1 01 JAN 2020 |
End Date | q4 31 DEC 2022 |
Funding Source | Earmarked |
Actual Budget (USD) | 367,000 |
Budget Percentage | 93% |
Actual Expenditure (USD) | 341000 |
Status | Complete |
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 | |
Thematic Area |
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GGGI Project Code : AE09
Project Manager and Staff +
Project Overview
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.
Project Details
Overall objective
The project’s overall objective is to strengthen the UAE’s enabling environment to promote sustainable/green finance mobilization and implementation, which will contribute to positive economic, social and environmental impacts, and promote a green economy.
Key challenges being addressed
Even though the UAE government promotes increased resource allocation for green projects and innovative financing tools, which will support developing a green economy, there is a lack of understanding on the definition of green finance/investment in terms of the definition of green finance/investment in the UAE’s context, as well as guideline to develop and implement green finance/investment. Therefore, MOCCAE intends to work with other government entities to develop a green finance framework, which will support public/private stakeholders including financial authorities and regulators, development and commercial banks, as well as project developers to jointly create improved enabling environment for the green economy pathway.
GGGI’s Role
GGGI leads the development of the Green Finance Framework by managing the overall project activities, performing analytical work, leading the delivery of outputs, bringing technical expertise, supporting data collection and processing, and facilitating stakeholder engagement and communication.
Theory of Change
The development of Green Finance Framework is expected to contribute to the UAE’s strengthened policy and institutional capacity to define and guide sustainable/green finance sector, which will encourage the private sector’s participation in the green project development and implementation based on an improved enabling environment, and thus will promote a green economy in the UAE and the region.
Project Results
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
- Situation Analysis for Green Bond Market Development in the UAE
- Development and launch of the 2nd edition of the UAE Green Business Toolkit.
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