Dr. Fahad M. Al Turki, Director-General and Chairman of the Board of Directors of the Arab Monetary Fund (AMF), highlighted the significant expansion of sustainable financing in the Arab region, demonstrating a rising focus on green and sustainable finance.

The latest statistics indicate that the total green bond issuances in the region reached $6.8 billion by October 2023, an increase of 40 percent from 2022.

Dr. Al Turki added, in his speech during the opening of the third meeting of the Arab Green and Sustainable Finance Network (AgreFin), held in Abu Dhabi, that the United Arab Emirates and the Kingdom of Saudi Arabia are considered the main sources of green bond issuances, representing more than 90 percent of the size of green bonds.

The meeting brings together delegates from Arab central banks, finance ministries, and securities market authorities, alongside experts and speakers from various regional and international institutions.

Dr. Al Turki highlighted the role of the AgreFin as a platform for sharing expertise and knowledge on sustainable finance. The network aims to advance green financial activities, services, and products, while also promoting awareness of sustainable finance and climate change risk management. It provides a space for financial decision-makers in Arab countries to collaborate on solutions, share best practices, and support investments aligned with environmental and social goals.

He emphasised the significance of transitioning to green and sustainable financing as a key strategy in tackling climate change. This approach emphasises the connection between responsible financial practices and environmental impact by directing capital towards sustainable initiatives. Furthermore, he highlighted its pivotal role in fostering resilient and responsible growth in societies through informed decision-making, collaborative efforts, and strategic planning. Ultimately, he stressed that this approach contributes to bolstering policies, investments, and actions that shape the future of the planet.

Dr. Al Turki highlighted the AMF's significant focus on green and sustainable financing, as well as the impact of climate change on the financial and banking sectors. He emphasised the importance of applying environmental, social, and governance standards in financial activities and investment policies across Arab countries to promote sustainable development and enhance energy security. The Fund has organised workshops, training courses, issued guidelines, and conducted research in collaboration with Arab and international financial institutions to address these issues effectively.

He emphasised the importance of collaborative efforts for the success of the Arab Green and Sustainable Finance Network. He highlighted the significance of discussions, idea exchanges, and sharing experiences in advancing green and sustainable financing for a more sustainable and prosperous future in Arab nations. Additionally, Dr. Al Turki appreciated the UAE's sponsorship and support as the host country, recognising its contribution to enabling the network to fulfill its responsibilities.