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ABU DHABI, 19th January, 2023 (WAM) — Abu Dhabi Global Market, ADGM, a leading international financial hub in the UAE capital, today successfully concluded the fifth edition of the Abu Dhabi Sustainable Finance Forum, ADSFF.
As part of Abu Dhabi Sustainability Week (ADSW), a week-long event in Abu Dhabi, ADSFF’s agenda focused on ‘charting the way to COP28’ as the country prepares to host the global event later this year.
ADSFF brings together top private market investors, government leaders, regulators, innovators and financial institutions to discuss areas of collaboration ahead of COP28 to increase capital flows towards sustainable investing and transformational financing.
The overall theme of the event revolves around nature-based carbon credits, specific sustainable finance deals and products, and new ways to mobilize sustainable finance through ADGM-based start-ups, accelerators and platforms.
The various sessions and panels held throughout the day used these themes as the backbone of their discussions, delving into topics such as the green falcon economy, global carbon markets and carbon credits, innovative pathways to finance and investment, perspectives on the state of climate finance, and banking and The role of other financial institutions in financing net zero efforts and initiatives, etc.
Speaking at ADSFF, Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, Executive Director of the United Arab Emirates Independent Climate Change Accelerator (UICCA), highlighted Abu Dhabi’s commitment to a sustainable future. She commented on the role of COP28 as a catalyst for global cooperation in policies and programs, highlighted the urgency of climate action, and highlighted the role of blended finance as a collaborative sustainable investment tool.
Masdar CEO Mohamed Jameel Al Ramahi spoke about the key results of ADSW and announced a pivotal year ahead as it intends to issue its first-ever green bond in 2023, bringing international investors into Masdar Dahl’s growth journey.
World Bank GCC Director Issam Abousleiman’s session on the Green Falcon economy sheds light on the GCC’s adoption of a “Green Growth Strategy” aimed at growing GDP from $2 trillion in 2022 to Over US$13, which will reach US$1 trillion by 2050, was one of the highlights of the event.
Commenting on the successful conclusion of ADSFF, Emmanuel Givanakis, Chief Executive Officer of ADGM’s Financial Services Regulatory Authority (FSRA), said: “The 5th Abu Dhabi Sustainable Finance Forum is an important step in 2023 as we align our strategy with the goals that COP28 will Held this year in the UAE. It is the ideal platform to bring together regional and global industry experts and thought leaders to pave the way for COP28, help unlock trillions of dollars in private finance and drive us towards net zero emissions by mid-century .”
“ADGM and FSRA are committed to accelerating sustainable financing while addressing climate change and sustainability issues that affect the financial sector, the economy and the UAE’s long-term well-being. We remain committed and focused on the UAE’s various strategic initiatives, especially by 2050 Achieving the goal of net-zero emissions and continuing to step up our efforts to support Abu Dhabi not only in building a falcon economy, but also in building a green falcon economy that is fully invested in the sustainable future of the UAE.”
During the Forum, the fifth round of ADGM’s Sustainable Finance Manifesto welcomed 37 new signatories, bringing the total membership to 117. All signatories held a special signing ceremony to reinforce their commitment to climate action and sustainable development. The event also saw the UAE expansion plans of “Aspiration”, a multi-billion dollar fintech company backed by Hollywood icons, opening an office in the ADGM International Financial Centre.
Aspiration is a purpose-driven climate action company that provides businesses large and small, governments, investors and consumers with access to a portfolio of high-quality carbon assets through innovative products, services and investments that drive sustainable development.
ADSFF is a purpose-driven collective effort by the UAE’s financial sector to promote sustainable finance and investment in projects and initiatives that enhance the country’s national climate goals and ambitions for a better, more sustainable future. Some 1,000 attendees, including speakers and participants, attended this year’s event, making it one of the region’s key sustainability events ahead of COP28 in 2023.
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