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    CBUAE Outlines Key Deliverables in Sustainable Finance Roadmap

    November 05, 2021

    The Central Bank of the UAE (CBUAE) notified that the UAE Sustainable Finance Working Group has issued a high-level statement setting out the commitment to achieve the sustainability objectives and the net-zero 2050 ambition of UAE. The statement sets a roadmap for the participating authorities to contribute to the sustainability and climate change objectives outlined in the global frameworks, such as the Paris Agreement, the United Nations Sustainable Development Goals, and the "UAE Net Zero by 2050" strategic initiative.

    The statement outlines following three key deliverables of the roadmap that the UAE authorities will strive to achieve:

    • In the first half of 2022, the authorities will examine sustainability disclosures in place in the UAE and consider next steps with a view to promoting standards in line with national and international best practices.
    • During 2022, the authorities will review corporate governance standards and practices with a view to helping embed sustainability across corporate governance structures in the UAE through focusing on risk management, stress testing, and data collection.
    • Another deliverable relates to the development of a UAE taxonomy of sustainable activities, as a major milestone defining the path for economic transition to sustainable development.

    The implementation of the deliverables will be achieved through both legislative and non-legislative means and in coordination with the authorities on the monitoring and technical support required to incorporate sustainability into regulatory frameworks. In addition, CBUAE signed a memorandum of understanding (MoU) with the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC) to collaborate on the development and growth of the fintech ecosystem of UAE through joint initiatives and activities. The MoUs were signed as part of CBUAE’s Future of Finance conference in October 2021. Under the agreement, CBUAE will work with DIFC on the development of a co-sandbox that will enable fintech companies to test their innovative solutions under the existing digital sandbox program. Also, CBUAE and ADGM will further enhance the collaboration under their co-sandbox program. 

    CBUAE also announced the establishment of the CBUAE Networking and Cyber Security Operations Center to enhance protection and security of critical infrastructure of the financial system in UAE against cyber-attacks. The Center will be the leading security operations center for the financial sector of UAE. It will establish best practices and guidelines on managing security threats and vulnerabilities to protect information infrastructure of the nation's licensed financial institutions. CBUAE will continue to develop its practices (as technological advancements and cyber-threats evolve) to prevent, detect, and mitigate risks to achieve the strategic objectives of promoting financial and monetary stability, efficiency, and resilience in the financial system of the country.

     

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    Keywords: Middle East and Africa, UAE, Banking, Securities, Sustainable Finance, Climate Change Risk, ESG, Disclosures, Fintech, Regulatory Sandbox, Cyber Rusk, Regtech, Taxonomy, Stress Testing, CBUAE

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