ABU DHBI, Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, today unveiled its Sustainable Finance Agenda at the inaugural Abu Dhabi Sustainable Finance Forum (ADSFF), held during the Abu Dhabi Sustainability Week. In addition, 25 key public and private entities and institutions committed themselves to the Abu Dhabi Sustainable Finance Declaration to jointly advocate sustainable finance and investments and to foster positive, economic, social and environmental impacts for the long-term well-being of the United Arab Emirates' economy. This Declaration was announced in the presence of H.H. Sheikh Hamed bin Zayed Al Nahyan, Chairman of Crown Prince Court, and several UAE ministers and senior government leaders, as well as representatives of financial institutions and international organisations.
The ADGM Sustainable Finance Agenda comprises four distinctive pillars:- (i) Integrate Sustainability into the Regulatory Framework: to become a hub for sustainable finance activities, ADGM will integrate sustainability considerations into its regulatory framework, building on existing UAE initiatives and global best practices. ADGM will also spearhead the adoption of harmonised taxonomies and certification measures for the classification of a broad range of sustainable finance products, applicable across the UAE; (ii) Build Cooperation with National and International Stakeholders: ADGM aims to foster more regular dialogues and closer cooperation with local and global government bodies, institutions and industry participants to promote green and sustainable investments in the UAE and regionally; (iii) Cultivate Communications, Knowledge and Awareness: ADGM is committed to increase the level of knowledge, awareness and acceptance of sustainable finance across the UAE and regionally by hosting events and support training trough the ADGM Academy.
(iv) Develop and Establish a Sustainable Finance Ecosystem in ADGM: ADGM seeks to develop a robust sustainable finance ecosystem that is home to diverse pool of institutions and provides a comprehensive range of innovative product offerings and services that support capital formation and deployment of financing and investments.
Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market, said: "We would like to thank our leadership, the Ministries, our fellow regulators, local and global industry partners for sharing valuable insights and feedback in our efforts on advocating sustainable finance.'' As a leading international financial centre, ADGM is committed to driving sustainable financing and investments to augment the UAE's commitment to the long-term growth and development of the country's economy and the well-being of the society. ADGM's mandate and its Sustainable Finance Agenda are aligned closely with existing UAE initiatives such as the UAE Vision 2021 and the Green Agenda 2015-2030.
The Abu Dhabi Sustainable Finance Declaration is part of ADGM's ongoing efforts to foster synergies, facilitate national and international cooperation and collaboration and sharing of best practices.."
The forum hosted more than 250 global industry leaders, regulators, financial institutions, Environmental, Social and Governance (ESG) project stakeholders, academics and key influencers to discuss the four key pillars and other relevant topics on sustainable finance.
Source: Emirates News Agency