Abu Dhabi’s renowned international financial center (IFC) and free zone, Abu Dhabi Global Market (ADGM) has secured a “carbon-neutrality” status by offsetting its 2021 carbon emissions as an organization.
According to the statement, “It reaffirms ADGM’s commitment to fostering a progressive and more sustainable economy, and in addition, positioning ADGM as the first IFC in the world to be carbon neutral.”
This follows ADGM’s recent decision to turn the 4th edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) into the UAE’s first carbon-neutral platform and event.
“ADGM is glad to be the first international financial center 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, a 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 blueprints.”
“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,” as per the company statement. This initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.
The ADSFF is a strategic platform for the UAE financial sector to accelerate sustainable financing and investments as well as build a more sustainable economy and future. Further, it is an extension of the annual Abu Dhabi Sustainability Week.
According to the statement, a new group of 18 industry members joined the Abu Dhabi Sustainable Finance Declaration at this year’s ADSFF, increasing the total number of members to 59.