ABU DHABI, UAE, 5 October 2020: Abu Dhabi Global Market (ADGM), in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and with the support of leading authorities in the UAE, has published the State of Sustainable Finance Report, ADGM said through a Press release.
The Report underscores the collective achievements by stakeholders from the private and public sectors, as they strive to contribute to the UAE’s sustainability agenda and enhance the stability of the country’s economy through increased adoption of sustainable finance practices, ADGM said.
Contributors to the Report include 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 key UAE stakeholders, ADGM said.
Following the launch of its Sustainable Finance Agenda, in early 2019, ADGM has implemented a series of measures to advance the achievement of its strategic objectives, including driving the development of the Abu Dhabi Sustainable Finance Declaration, which saw an inaugural cohort of signatories pledging their commitment at the 2019 Abu Dhabi Sustainable Finance Forum. A second group of participants added to the strong list of signatories in 2020, ADGM said.
H.E. Dr Abdullah Belhaif Al Nuaimi, Minister of Climate Change and Environment, said: “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. It is encouraging to see the progress we have achieved in this field captured in the State of Sustainable Finance Report, and I call on all stakeholders to build on this success, lead by example and help us promote sustainable finance across the board.”
H.E. Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM, said: “We are glad to be working closely with the Ministry of Climate Change and Environment and prominent public and private partners to cultivate greater synergies and advocate positive economic, social and environmental impact across the various industries in the UAE. The “State of Sustainable Finance Report” showcases the achievements made by each member in developing a more resilient, responsible and sustainable economy and society for our country. As an IFC and financial enabler, ADGM will continue to expand its efforts in developing sustainable finance and supporting Abu Dhabi in being a leading vibrant hub for capital formation and deployment.”
According to ADGM, significant progress has been made since the authorities solidified their joint commitment to progress sustainable finance practices across the UAE and the wider MENA region. The Report highlights the key efforts and milestone achievements by MOCCAE, ADGM and all the participating members, ADGM said through the release. Some of these include Masdar’s launch of the region’s first-ever green real estate investment trust that was established in ADGM; the Department of Energy, Abu Dhabi Securities Exchange and ADGM’s plans of the Green Bond Hub Programme to reinforce Abu Dhabi’s position as a leading destination for the issuance of green bonds and sukuks; the Securities and Commodities Authority of UAE’s Master Plan for Capital Markets to sustainability goals; the ADGM Academy’s introduction of the region’s first “Certificate in Sustainable Finance”, in partnership with the London Institute of Banking & Finance (LIBF) to raise the expertise and knowledge of professionals in the UAE; and Majid Al Futtaim’s issuance of a total of USD 1.2 billion green sukuks, in 2019, the proceeds of which went towards green buildings, renewable energy, energy efficiency and improved water management, and many more.
To further the progress of the UAE’s sustainability objections, ADGM said, a set of collective actions are recommended to support all members and stakeholders to increase their adoption of sustainable practices and considerations into their business models. ADGM added it seeks to also encourage local and global institutions to incorporate sustainable efforts and initiatives as part of their growth strategies.
ADGM said its partners and it will continue to work with more stakeholders to drive a resilient sustainable economy and encourage the financial industry to play its full role in addressing these collaborative actions. The State of Sustainable Finance Report, it added, can be found here.
#sustainable #sustainability #sustainabledevelopment #sustainablefinance #MOCCAE #ADGM #greensukuk #greenbonds #greenbuildings #renewableenergy #IRENA #energyefficiency #watermanagment #wateroptimisation #watersavings #ADIB #FAB #ADNOC #SCA #Masdar #MajidAlFuttaim #LIBF