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The Dubai International Financial Center (DIFC) recently hosted the world’s first financial summit dedicated to advancing the COP28 climate action agenda in the global financial industry.
More than 500 industry professionals attended the first of a series of summits, a platform to drive positive action by the financial industry to lead on climate change, as part of the Global Ethical Finance Initiative leading to COP28 program hosted by DIFC , and at the forefront of accelerating green transformation.
The event features leading speakers and attendees from leading investment firms, banks, policy makers and financial service providers to discuss COP28 industry priorities and how to implement best practice decisions within their organisations.
Miss Qian
The summit was chaired by Dame Heather McGregor, known as Miss Moneypenny in her FT column and one of the first to be honored as a lady by King Charles III. Mrs Heather is now the Provost and Vice-Chancellor of Heriot-Watt University in Dubai.
Renowned sustainable finance author and Chartered Bankers Chief Executive Simon Thompson shares his thoughts on how green finance can drive transformation, ensuring capital flows to companies, investments, projects and technologies seeking to create a sustainable low-carbon world. Senior figures from key institutions including ING, Zurich Insurance and NatWest Group discussed their focus on achieving net zero emissions.
The event launched the results of the world’s first global Islamic finance retail banking survey and its impact on the United Nations Sustainable Development Goals (SDGs). The survey drew responses from more than 2,000 customers. 90% of Islamic banking customers across multiple markets say it is important for their bank to offer products that meet the SDGs. 96% of respondents said it is important that the financial products they buy match the values ​​and ethics in which they live. 87% are willing to pay more for financial products that meet the SDGs.
Christian Kunz
Also speaking at the event, DIFC Chief Strategy, Innovation and Ventures Officer Christian Kunz said: “DIFC and our clients are leading the way in how the financial sector can play an important role in addressing the climate crisis.
“In line with the UAE’s priorities for hosting COP28, the first of a series of summits at DIFC provides the ideal platform for influential contributors to the industry to come together and push ideas forward to accelerate climate action.
“As a key contributor to the emirate’s sustainable economic growth, DIFC is firmly committed to actively promoting the UAE’s role as host of the next UN climate talks – the second largest in the history of the climate summit.”
Sustainability focus
Omar Shaikh, Managing Director of GEFI, said: “Financial institutions need to pay more attention to sustainable development if we are to overcome the real threat of climate change, especially for developing countries. Pressure on the industry will only continue to mount ahead of COP28, Financial institutions will be challenged to play a key role in climate action.
“The maturity and vision of the UAE government and DIFC’s leadership as a world-class financial center demonstrates the country’s strong commitment to tangible results. This summit helps UAE financial institutions understand what COP28 means for them and provides insights into how to successfully transition to low carbon The world provides practical guidance. Together with DIFC, we look forward to encouraging and supporting the regional industry to set the tone of ambition and actually accelerate the transition to net zero emissions.” — trade arab news agency
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