In Short : ADGM’s representation as the capital of green finance at COP28 is a significant step towards promoting sustainable investments and addressing climate change challenges. As a hub for green finance, Abu Dhabi Global Market plays a crucial role in mobilizing funds for renewable energy projects, green technologies, and initiatives focused on environmental conservation. By participating in COP28, ADGM reaffirms its commitment to fostering sustainable economic growth, supporting innovative climate solutions, and contributing to global efforts in achieving a more sustainable and environmentally friendly future.
In Detail : Set to host Abu Dhabi Sustainable Finance Forum
- ADSFF at COP28 will act as a global platform to convene the most important international leaders and commit to filling the global gap in climate financing and representing the UAE and Abu Dhabi as a ‘Capital of Green Capital’.
- The four strategic themes of ADSFF include powering the green capital markets, financing innovation, green carbon markets and driving an unbiased climate transition.
- ADSFF’s first cohort of confirmed speakers include HRH Prince Khaled bin Al Waleed Al Saud, Michael Mainelli, and Lord Mayor of the City of London along with other participants from ADGM’s regulatory arm including FSRA CEO, Emmanuel Givanakis and key entities of ADGM’s ecosystem such as ACX, Morgan Stanley, Eiffel, BNP Paribas, Tikehau Capital, OffSet8 and Vortex.
Abu Dhabi, UAE : In a significant alignment of sustainability and finance on the global stage, Abu Dhabi Global Market (ADGM) is proud to announce 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 & Gender Equality” at COP28, held under the esteemed leadership of His Excellency Dr. Sultan Al Jaber, COP28 President-Designate, UAE Special Envoy for Climate Change, and Minister of Industry and Advanced Technology.
This ground breaking 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 HRH Prince Khaled bin Al Waleed Al Saud, Michael Mainelli, and Lord 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: “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 USD750 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.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21st October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa, South Asia and the rest of the world.
Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island and Al Reem Island which is designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred top IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse and progressively governed financial hubs.