Ministry of Climate Change and Environment's Fifth National Dialogue for Climate Ambition Explores Role of Insurance Sector in Building Climate Change Resilience

Nine entities join UAE Climate-Responsible Companies Pledge in second round of signings

Dubai-UAE: 4 October, 2022 – The Ministry of Climate Change and Environment (MOCCAE) hosted the Fifth National Dialogue for Climate Ambition (NDCA), dedicated to the insurance industry. Held under the theme ‘Building an effective insurance sector as part of climate adaptation and resilience management’, the event drew the participation of the Rt Hon. Vincent Keaveny, Lord Mayor of the City of London. 

Convening around 100 representatives of relevant public and private sector entities, including the Central Bank of the UAE and various insurance providers, the session highlighted best practices and national efforts to enhance climate change resilience by developing a wide variety of insurance services that cater to this global risk. 

Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, extended her sincere appreciation to the Central Bank of the UAE for its commitment and leadership in the comprehensive response of the national insurance industry to climate-related risks and opportunities, and for adding climate change to its list of strategic priorities.

She said: “The insurance sector plays a key role in our fight against climate change risks, as insurance companies serve as the risk carriers on behalf of other industries. When their clients suffer losses due to severe weather, they are the ones to pay the claims. They also have a significant capacity to make long-term investments in infrastructure to support climate change adaptation and mitigation. And their expertise in risk management can help our government, businesses, and society develop climate change resilience.”

For his part, the Rt Hon. Vincent Keaveny said: “The UAE has ambitious targets to tackle climate change with its 2050 net-zero aim and the construction of Al Dhafra solar project, which will be the world’s largest single-site solar plant. However, for the UAE to build upon its success, unlocking private capital – particularly in insurance – will be vital. That is why I’m delighted to attend the Fifth NDCA. London is the world’s most international and connected financial center, providing unrivalled access to global markets in insurance. By working together, UK expertise and innovation in sustainable finance and insurance can help the UAE’s financial services sector to unlock the huge opportunities offered by the green transition.”

The event also witnessed the second round of signings of the UAE Climate-Responsible Companies Pledge that seeks to increase the engagement of the private sector in the country’s decarbonization drive in line with the UAE Net Zero by 2050 Strategic Initiative. Nine entities – TAQA, Farnek Services, Fuse, Cundall, SirajPower, Taka Solutions, Talabat, Zurich Insurance Middle East, and McCabe & Partners – joined Creek Capital and 20 other signatories to the pledge, bringing the total number to 30. The companies committed to stepping up their efforts to combat climate change by measuring their carbon footprint and taking concrete steps to reduce it, and by integrating sustainability principles across their operations. 

NDCA is a series of sector-specific assemblies aimed at raising sectoral climate ambitions and informing the UAE’s roadmap to net zero by 2050.