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The Dubai International Financial Center (DIFC), a leading global financial centre, is reinforcing the critical role of finance in addressing global sustainable development challenges ahead of COP28, the second Sustainable Finance Summit.
Held in the DIFC Atrium as part of the Global Ethical Finance Initiative (GEFI) ‘Road to COP28’ programme, hosted by DIFC, the summit outlined financial strategies to decarbonize the real economy.
It brings together some of the brightest minds in finance to explore how the sector can lead action on climate change and enable a just transition to a sustainable economy. Majid Al Suwaidi, Ambassador to the Director-General of COP28, delivered a welcome message via video, reflecting the importance of the financial sector to accelerating climate change initiatives.
Climate Change Adaptive Development
As the UAE prepares to host COP28, the summit aligns with the United Nations Sustainable Development Goals, which focus on aligning financial flows with pathways to low greenhouse gas emissions and climate-resilient development.
Commenting on the Road to COP28 initiative, Arif Amiri, Chief Executive of the DIFC Authority, said: “Partnering with the Global Ethical Finance Initiative on the Road to COP28 initiative, including the second Sustainable Finance Summit, supports DIFC’s leadership commitment to advance the country’s COP28 priorities, which include accelerating net zero targets.
“The summit also builds on our vision to pave the way for coordinated global solutions to meet the climate finance needs of emerging market and developing economies, while supporting sustainable economic growth in Dubai, the UAE and the wider region .”
high demand
High demand resulted in more than 1,000 industry professionals registering for 300 seats at the summit, where discussions were held around industry priorities for COP28, including environmental and social impacts, climate-conscious investing and the nature of financing.
Omar Sheikh, Managing Director, Global Ethical Finance Initiative, commented: “The global stocktake at COP28 will be a key turning point, marking progress towards the goals of the Paris Agreement. The UAE is expected to find the realistic, pragmatic and pragmatic to play a leading role in solutions.
“Our ‘Road to COP28’, with over 50 global partners, is the first and now one of the largest finance-focused events at COP28. Together with DIFC, with the support of our global partners Next, we are delivering a comprehensive program of advocacy events, including the summit, to raise awareness and help accelerate climate action across the financial sector.”
Industry backbone
The backbone of the global industry is discussing the key role of finance in driving and shaping the transition to a net-zero economy. In his keynote, Nick Robins, Professor of Practice in Sustainable Finance at LSE and author of The Road to Net Zero Finance, highlighted the industry’s responsibility in financing a more just and equitable transition . Robbins discusses the need to mobilize finance for climate action and explores how the financial system can support nature’s restoration.
In an in-depth conversation, Development Economist, Lawyer and Changemaker Satya Tripathi, Secretary General of the Global Alliance for a Sustainable Planet, explores ways to make nature play a role in global finance and build an inclusive, sustainable world. Tripathi, who has spent more than two decades at the United Nations in key global positions and has experience leveraging ‘private finance for the public good’, discusses how the financial system must innovate to successfully integrate nature-related risks and opportunities.
Other speakers at the event included Alya Al Zarouni, Chief Operating Officer, DIFC Authority; Christian Kunz, Chief Strategy, Innovation and Ventures Officer, DIFC Authority; Eline Sleurink, Head of PRI Signatory Relations UK & Ireland and Middle East; Martin Currie Management David Sheasby, Head of Sustainability and Impact; Vijay Bains, Chief Sustainability Officer, Emirates NBD; Christian Guckel, Chief Risk Officer, Sedco Capital, etc.
Climate Finance Training Series
During the summit, GEFI and the DIFC Academy, DIFC’s executive education centre, hosted the third Climate Finance Training Series to support financial practitioners in better understanding the COP process, global trends in climate finance and best practice approaches to developing and implementing net Zero strategy.
In the invitation-only Power Roundtable series, global and local experts enriched their understanding of the opportunities and challenges presented by COP28 for local financial institutions and stakeholders, including responsible banking, investment and Islamic finance.
Since the debut of the ‘Road to COP28’ programme, DIFC and GEFI have organized the world’s first financial summit, attracting leading investment firms, banks, policy makers and financial service providers. In addition to several roundtables and a ‘Women in Finance’ workshop, the second Climate Finance Training Series was held where finance practitioners gained insights on how to navigate global and local climate finance regulations, initiatives and frameworks.
In the coming months, DIFC will continue its efforts to find common solutions to the climate challenge. Upcoming events include DIFC’s Sustainable Future Forum, a session exploring COP28’s expectations for the financial industry and the International Corporate Governance Network Global Conference. DIFC will also host and participate in a series of discussions and other events during COP28 until 12 December. — trade arab news agency
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