On its last day, Abu Dhabi Finance Week (ADFW 2024) hosted the the 7th edition of the Abu Dhabi Sustainable Finance Forum (ADSFF), which was organized by ADGM, Global Climate Finance Center (GCFC), HSBC and Smartenergy.
Marking exactly one year since the end of COP28 and just weeks after COP29, the Abu Dhabi Sustainable Finance Forum underscored its strong commitment to covering critical conversations on sustainable financial development and providing an interactive and global platform for discussions on regulation, awareness and collaboration.
“The success of ADSFF is a testament to its relevance in driving knowledge, providing insights and building partnerships in the financial sector to tackle climate change,” stated Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority at ADGM.
Advancing global sustainable transition
This year’s forum involved strategic and high-level discussions on achieving not just the UAE’s net-zero ambitions, but also the world’s transition to a sustainable future, further positioning Abu Dhabi and ADGM as leaders in building a long-term momentum for sustainable finance.
Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, president and CEO of the UAE Independent Climate Change Accelerators, delivered a keynote address, emphasizing the UAE’s leadership role in climate action and the need for collaborative approaches to effectively address environmental challenges through blended finance.
Meanwhile, H.E. Majid Al Suwaidi, CEO of Alterra, led an insightful fireside chat with the CEO of GCFC, Mercedes Vela Monserrate on the launch of the world’s largest climate fund, its progress to date and how it is mobilizing capital alongside its partners in the session ‘Catalyzing the Future: Abu Dhabi’s Bold Vision to Become A Global Climate Finance Hub’.
The Abu Dhabi Sustainable Finance Forum agenda also explored a range of pressing topics in sustainable finance and environmental governance. A keynote speech from Carme Artigas Brugal, co-chair of the AI advisory body at the United Nations, highlighted the UN’s advancements in setting international rules for AI.
Artigas, who leads the initiative for establishing a global rulebook on AI cooperation, highlighted AI’s potential to address global challenges, emphasizing the importance of integrating ethical considerations alongside the pursuit of Sustainable Development Goals.
ADGM’s sustainable finance initiatives
In his welcome address at the Abu Dhabi Sustainable Finance Forum, Givanakis also highlighted ADGM’s initiatives on sustainable finance, reiterating its strategic mission to be a catalyst in the Capital of Green Capital.
“At ADGM, we position ourselves as a key driver in the UAE’s path towards achieving net-zero emissions by 2050, offering an ecosystem supported by a comprehensive regulatory framework that promotes sustainable finance and climate transition. We also encourage public and private sectors to collaborate in bridging the green financing gap, accelerating the transition to net-zero, and shaping the sustainable financial landscape of the future,” he noted.
Role of finance in climate change
Senior representatives of the global banking group, HSBC, highlighted the current global climate economy and shared the bank’s strategies to mobilize finance and promote innovation that aligns with science-based targets to limit global temperature rises to 1.5°C. They also outlined HSBC’s approach to reducing carbon-intensive industries while investing in emerging technologies and green business models designed for a sustainable future.
In a panel discussion on impactful investing, panelists examined private capital flows into environmentally beneficial projects and questioned the current ecosystem’s effectiveness in creating measurable impact. Carbon markets and their evolution were also a major focus at the Abu Dhabi Sustainable Finance Forum, with experts addressing the possible use of carbon credits as a means to finance climate change and achieve national targets.
Accelerating renewable energy’s growth
Renewable energy, another key topic, discussed the International Energy Association’s (IEA) prediction of accelerated growth in renewables over the next five years. Experts from Smartenergy, Hudson Sustainable Group, Stonepeak and Vortex Energy shared insights into emerging opportunities in renewable markets including global electricity expansion.
Lastly, the Abu Dhabi Sustainable Finance Forum hosted a session on banking’s role in the green transition where representatives from leading banks such as HSBC, Mashreq and Emirates NBD highlighted the financial sector’s responsibility to meet sustainability commitments and debated ways to achieve alignment and accountability in green financing.
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Abu Dhabi Sustainable Finance Declaration
The Abu Dhabi Sustainable Finance Forum also witnessed the addition of 44 new signatories to the Abu Dhabi Sustainable Finance Declaration. This declaration is a platform for signatories to engage directly with ADGM and collaborate on best practices, innovative solutions and commercial offerings within sustainability.
With this addition, the total number of members who signed the declaration has grown to 160 signatories. Together, they have a joint commitment to advance sustainability across sectors such as asset management, climate tech, AgriTech, operational companies with projects in renewable energies, food security and water, and logistics and waste management.
Women in Finance
The Women in Finance conference was another significant event that marked the last day of ADFW 2024. It gathered highly accomplished women in the financial sector including Martina Strong, Ambassador of the Embassy of the U.S. to the UAE, Dr. Alyazia Al Kuwaiti, executive director of UAE industries at Mubadala Investment Company, Madiha Sattar, MD, Growth Ventures Partner at BNY, Amna Ajmal, EVP of Mastercard and Rania Fathallah, managing director of private credit at Franklin Templeton who delivered inspirational speeches and fostered meaningful connections.
