Abu Dhabi Global Market (ADGM) is set to host the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) during the United Nations’ 28th ‘Conference of the Parties’ (COP28). This event marks a significant convergence between sustainability and finance on a global scale.
ADSFF is scheduled to take place on December 4th, 2023, as part of COP28’s thematic day focused on “Finance, Trade & Gender Equality.” The event will be led by Dr. Sultan Al Jaber, who serves as the COP28 president-designate, UAE special envoy for Climate Change, and minister of Industry and Advanced Technology.
The event, which has been a driving force for climate financing over the past six years, will be organized in partnership with Masdar as part of Abu Dhabi Sustainability Week (ADSW). Both events will take place on the same day, aiming to provide a unified economic voice from Abu Dhabi at COP28. The collaboration’s goal is to make climate finance more accessible, affordable, and available while setting the UAE on a path of sustainable and inclusive growth.
Key pillars
The upcoming ADSFF will revolve around four key pillars: empowering green capital markets, financing innovation, carbon markets, and driving an impartial climate transition. The list of confirmed speakers includes notable figures like Prince Khaled bin Al Waleed Al Saud, Michael Mainelli, and the lord mayor of the City of London. Participants from ADGM’s regulatory arm, including CEO Emmanuel Givanakis of the Financial Services Regulatory Authority (FSRA), as well as representatives from ACX, Morgan Stanley, Eiffel, BNP Paribas, Tikehau Capital, OffSet8, and Vortex, will also be present.
COP28, slated to take place from November 30th to December 12th, 2023 at Expo City in Dubai, holds increased importance as it coincides with the UAE’s Year of Sustainability. ADGM’s hosting of ADSFF on Finance Day during COP28 highlights the UAE’s dedication to sustainability and its aspiration to become a prominent global player in the green finance industry.
Visionary commitment
Salem Mohammed Al Darei, CEO of ADGM Authority, commented on this year’s ADSFF, stating, “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.”
Read more: ADGM’s Abu Dhabi sustainable finance forum charts path to COP28
Accelerating green energy transition
For his part, Mohamed Jameel Al Ramahi, CEO, Masdar, said, “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 $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.”
Cutting-edge companies
ADGM houses cutting-edge companies that lead the way in sustainability. Notably, it is home to ACX (AirCarbon Exchange), the world’s first regulated carbon exchange, and the groundbreaking Masdar Green Real Estate Investment Trust (REIT), which selected ADGM’s jurisdiction to introduce environmental instruments into its capital markets framework. ADGM regularly hosts ecosystem development events such as Abu Dhabi Finance Week (ADFW) and the R.A.C.E. (Regulation, Awareness, Collaboration, Ecosystem) Sustainability Summit at ADFW, all of which contribute to the region’s advancement in the green finance sector.
Sustainable legacy
By hosting ADSFF during COP28, ADGM strengthens its dedication to becoming a comprehensive center for climate finance, endorsing a sustainable legacy for COP28 in the UAE. This event serves as a platform to demonstrate ADGM’s aspirations in addressing the global demand for climate finance and solidifies its position as a hub for innovative sustainable finance.q
For more news on sustainability, click here.
