Abu Dhabi [UAE], November 3 (ANI/WAM): In a significant alignment of sustainability and finance on the global stage, Abu Dhabi Global Market (ADGM) has announced the hosting of the sixth edition of its Abu Dhabi Sustainable Finance Forum (ADSFF) during the United Nations' 28th Conference of the Parties (COP28).
ADSFF is set to take place on 4th December 2023, on the thematic day of "Finance, Trade and Gender Equality" at COP28.
This groundbreaking event that has been driving climate financing for the past six years will be organised in partnership with Masdar as part of Abu Dhabi Sustainability Week (ADSW) which will be held concurrently on the same day.
This collaboration seeks to provide a united Abu Dhabi economic voice at COP28, to make climate finance available, accessible, and affordable while also putting the UAE firmly on a new path of sustainable and inclusive growth.
This year, ADSFF will be largely defined by four strategic pillars, namely, powering the green capital markets, financing innovation, carbon markets and driving an unbiased climate transition.
The first set of confirmed speakers includes Prince Khaled bin Al Waleed Al Saud, Michael Mainelli, and the Mayor of the City of London along with other participants from ADGM's regulatory arm including Financial Services Regulatory Authority (FSRA) CEO, Emmanuel Givanakis and key entities of ADGM's ecosystem such as ACX, Morgan Stanley, Eiffel, BNP Paribas, Tikehau Capital, OffSet8 and Vortex.
COP28, which is scheduled to run from 30th November to 12th December 2023 at Expo City in Dubai, has taken on added significance as 2023 marks the UAE's Year of Sustainability. ADGM's role in hosting ADSFF on Finance Day at COP28 underscores the UAE's commitment to sustainability and its ambition to be a global leader in the green finance sector.
Commenting on this year's edition of ADSFF, Salem Mohammed Al Darei, CEO of ADGM Authority, said, "ADGM's vision of making Abu Dhabi not just the 'Capital of Capital' but also a 'Capital of Green Capital' will be prominently displayed during ADSFF at COP28 this year. Our dedication towards developing a 'Climate Finance' ecosystem is evident through our initiatives of developing the region's first robust regulatory framework for sustainable finance as well as its distinguished collaborations with key institutions across Abu Dhabi, the UAE and beyond as we continuously strive towards bridging the capital gap for climate transition."
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, commented, "Unlocking finance is vital if we are to accelerate the clean energy transition. Masdar is delighted to be partnering with Abu Dhabi Global Market to host this important forum once again as part of the special edition of Abu Dhabi Sustainability Week at COP28. For more than 17 years, Masdar has been advancing renewable energy around the world with our pioneering projects.
In July, Masdar raised US$750 million through its first-ever green bond issuance on the London Stock Exchange. The net proceeds will be used to develop the greenest renewable energy projects, including in the Global South. As the UAE prepares to host COP28, Masdar will continue to work with partners to find innovative ways to ensure climate finance reaches those who need it most."
ADGM is home to innovative companies that are at the forefront of sustainability, including the world's first regulated carbon exchange, ACX (AirCarbon Exchange), and the pioneering Masdar Green Real Estate Investment Trust (REIT), which chose ADGM's jurisdiction when it made the strategic move of introducing environmental instruments to its capital markets framework. ADGM also consistently hosts ecosystem development platforms like the Abu Dhabi Finance Week (ADFW) and R.A.C.E. (Regulation, Awareness, Collaboration, Ecosystem) Sustainability Summit at ADFW, all contributing to the region's growth in the green finance sector.
ADGM's hosting of ADSFF during COP28 further augments its commitment to becoming a one-stop shop for climate finance, thereby supporting a lasting legacy outcome of COP28 in the UAE. This event will be an opportunity to showcase ADGM's ambitions to address the global need for climate finance, reinforcing its status as a hub for sustainable financial innovation. (ANI/WAM)
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