Climate change has been a pressing issue in the last decade, and has been highlighted as one of the biggest global concerns impacting every sector. Giant organisations across the world have committed to working towards carbon neutrality with the first International Financial Centre in the world having now announced this: by offsetting its 2021 carbon emissions, the Abu Dhabi Global Market (ADGM) achieved this status.
This development came following ADGM’s recent decision to transform the 4th edition of Abu Dhabi Sustainable Finance Forum (ADSFF) into a carbon-neutral platform and event in the UAE.
To obtain its carbon-neutral position, ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya project, one of the highest-rated REDD 1+ projects globally, based in Indonesia. This initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.
At his opening keynote address at the 4th ADSFF, H.E. Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “ADGM is glad to be the first international financial centre in the world to be carbon-neutral. ADGM’s commitment to ADSFF and being a ‘carbon-neutral’ financial services hub dovetail well with its ongoing efforts to provide an innovative financial platform and progressive, holistic ecosystem that bolster Abu Dhabi and the UAE’s long-term economic development and sustainable growth. We will continue to foster meaningful collaborations with local and global businesses and play our part in supporting the UAE’s Net-Zero by 2050 Strategic Initiative, which is in line with the country’s Principles of the 50 blueprint.“
The ADSFF is an extension of the annual Abu Dhabi Sustainability Week and a strategic platform by the UAE financial sector to accelerate sustainable financing and investments and build up a more sustainable economy and future.
At this year’s ADSFF, a new cohort of 18 industry members joined the Abu Dhabi Sustainable Finance Declaration, bringing the total number of members 59. Together, these members seek to foster more sustainable financing activities and responsible investments, and address matters that affect the financial sector and long-term well-being of the UAE.
During the Forum, ADGM has also unveiled a series of new initiatives and programmes designed to support the sustainable finance agenda. These new initiatives include:
- The ADGM Sustainable Finance Platform – designed to promote and accelerate sustainable finance activities and decision-making among investors and stakeholders by providing them with real-time access to UAE and regional sustainable finance market data. The Platform will feature critical sustainable finance data and focus on responsible banking, responsible investing, sustainable products, ESG disclosure, and sustainable capital markets.
- The ESG Intelligence Sustainable Finance Report – ADGM is working with the Oxford Business Group to produce the ESG Intelligence Sustainable Finance Report to highlight ADGM’s and Abu Dhabi’s efforts and contributions towards the developments of the sustainable finance industry, and how they have been supporting the evolving needs of green asset issuers and investors in the region and globally.
- Achievements of ADGM’s partners in addressing how they worked towards financing sustainable economic growth while supporting net-zero targets.
The one-day ADSFF featured many globally renowned speakers including, H.E. Ahmed Jasim Al Zaabi, Chairman of ADGM, H.E. Mohammed Ali Al Shorafa Vice Chairman of ADGM, H.E. Ban Ki-moon, President of the Assembly and Chair of the Council of the Global Green Growth Institute, Eight Secretary-General of the United Nations, H.E. Younis Alkhoori, Undersecretary at the Ministry of Finance, UAE, H.E. Mohammed Al Hammadi, Managing Director and CEO, Emirates Nuclear Energy Corporation (ENEC), H.E. Salama Al Ameemi, Director General, Ma’an Authority for Social Contribution, H.E. Dr. Maryam Al Suwaidi, Securities and Commodities Authority (SCA), Mary Shapiro, former Chair of the US SEC and Vice Chair, Glasgow Alliance for Net Zero (GFANZ), Jean Lemierre, Chairman, BNP Paribas, and Maria Ferraro, Member of the Executive Board and Chief Financial Officer, Siemens Energy AG.