The Abu Dhabi Global Market (ADGM) and the Ministry of Climate Change and Environment (MOCCAE) has released the State of Sustainable Finance Report, with the backing of leading authorities in the UAE.
The report highlights the cooperative achievements of both private and public sector shareholders as they try to support the UAE’s sustainability agenda and improve the strength of its economy by taking on sustainable finance practices.
The International Renewable Energy Agency (IRENA), the Securities and Commodities Authority of the UAE (SCA), Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Islamic Bank (ADIB), First Abu Dhabi Bank (FAB) and Masdar, as well as many other signatories of the Abu Dhabi Sustainable Finance Declaration and other major shareholders of the UAE contributed to the report.
ADGM had enforced several criteria after the launch of Sustainable Finance Agenda in 2019 to improve the achievement of its strategic objectives, like the Abu Dhabi Sustainable Finance Declaration’s development, which witnessed the primary group of signatories pledging their commitment at the 2019 Forum while the second group of participants who were added in 2020 strengthened the participants’ list.
The Minister of State and Chairman of ADGM, Mr Ahmed Ali Al Sayegh expressed their happiness in working hand in hand with the Ministry of Climate Change and Environment and other key partners to create greater alliances and to generate a positive economic, social and environmental effect across different industries in the country.
“The State of Sustainable Finance Report presents the success made by each member in creating a more strong, responsible and sustainable economy and society in the UAE,” he added.
Dr Abdullah Belhaif Al Nuaimi’ UAE Minister of Climate Change & Environment
“Sustainable finance has gained new importance in view of the COVID-19 pandemic and its impact on our economy, as it has the potential to become one of the key drivers of a green recovery. I look forward to the day, hopefully not too far ahead in the future, when conscious investments in sustainable economic activities for the benefit of humankind become the norm.”
Notable development has been made since the authorities ensured their joint commitment to progress sustainable finance practices across the UAE and the wider MENA region. This includes the launch of Masdar region’s first-ever green real estate investment trust that was established in ADGM, Green Bond Hub Program by the Department of Energy, Abu Dhabi Securities Exchange and ADGM to secure the Emirate’s position as a prominent hub for the issuance of green bonds and sukuks.
Last year, the Majid Al Futtaim, a holding company based in Dubai, issued a total of $1.2 billion green sukuks. Green sukuks are Shari’ah compliant investments in renewable energy and other environmental assets.
Further, the ADGM aims to motivate both the local and global institutions to associate with sustainable efforts and initiatives as part of their growth strategies.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
