Abu Dhabi Global Market (ADGM) successfully concluded the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) at COP28. Held as part of Abu Dhabi Sustainability Week (ADSW), ADSFF’s agenda focused on ‘Building Green Financial Centers of the Future.’
Insightful discussions
The compelling discussions delved into evolving strategies of the world’s largest Sovereign Wealth Funds (SWFs) and their stakeholders. Also on spotlight were key climate finance topics such as making emerging market projects more appealing to global capital markets and navigating the evolving regulatory landscape of green finance. Moreover, the banking sector’s role in financing climate transitions was also one of the key panel discussions.
Additionally, discussions included improving carbon market efficiency and preparing for financing the upcoming sixth wave of innovation applied to climate action technologies.
Global Head of Infrastructure from Abu Dhabi Investment Authority (ADIA), Karim Mourad, shared insights into their sustainability strategies. He emphasized ADIA’s unique position to promote long-term value creation and sustainable market outcomes. In addition, a thought-provoking session featured Abu Dhabi as ‘The Rising Capital of Climate Finance’. This panel featured insights from the newly appointed CEOs of recently launched initiatives at COP28, H.E. Majid Al Suwaidi, ALTÉRRA; and Mercedes Vela Monserrate, Global Climate Finance Centre (GCFC).
Top-level speakers and experts
Key international and regional speakers included H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud – CEO, KBW Ventures; Michael Mainelli – Lord Mayor of the City of London; and Daniel Pinto president & COO, J.P. Morgan Chase. Other prominent speakers included Laurent David – deputy COO of BNP Paribas; Frank Elderson – executive board member of European Central Bank; and Daniel Hanna – global head of Sustainable Finance at Barclays. Gabriel Caillaux – co-president of General Atlantic; and Pierre Abadie – head of Climate Finance, Tikehau Capital joined the other panel discussions as well.
His Excellency Ahmed Jasim Al Zaabi, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Department of Development (ADDED) and ADGM said, “We are amidst critical times and critical times call for serious measures. Abu Dhabi has been at the forefront of delivering rapid progress and year-on-year ADSFF has served as the platform to align Abu Dhabi and ADGM’s exceptional growth with the sustainability goals of the nation. We are pleased that the discussions held today with prominent international and regional representatives and thought-leaders at ADSFF were not just discussions but a preview of our commitment as the UAE’s capital that will catalyze the transformation of UAE financial markets and institutions in a way that makes it the epicenter for global climate financing.”
His Excellency further said, “Aligning with these broader goals and considering Abu Dhabi’s immense growth, ADGM announced the launch of a pioneering Global Climate Finance Centre (GCFC), that will accelerate the development of climate finance frameworks and skills, and champion the best practices in the UAE and globally. Our cumulative efforts have made us ready to be powered towards a net-zero future, as we build the ‘Capital of Green Capital on the pillars of the Green Falcon Economy.”
Read: Green Finance initiatives in the Middle East
COP28 milestones
In launching GCFC, Abu Dhabi and ADGM aim to address barriers linked to financial frameworks that hinder investment flows. It also seeks to help make climate finance available, affordable, and accessible as a COP28 legacy for action.
Moreover, ADGM announced becoming home to the newly launched catalytic climate vehicle ALTÉRRA. Established by Lunate, the fund is world’s largest private climate investment vehicle worth USD30 billion.
ADSFF is a goal-oriented and collective effort by the UAE’s financial sector to advance sustainable finance and investment initiatives. It seeks to support the UAE’s national climate goals and ambition towards a better and more sustainable future. The event witnessed approximately 600 attendees, making it one of the key sustainability events held at COP28.
ADGM is the ‘Principal Climate Finance Partner’ at COP28. It is playing a pivotal role in shaping the global climate finance dialogue and aligning international efforts towards climate action.
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