ADGM launches the Sustainable Finance Agenda to develop Vibrant Sustainable Finance and Investments HubADGM FSRA 16/01/2019
ADGM Sustainable Finance Agenda, Comprising Four Key Pillars, is Unveiled at the Abu Dhabi Sustainable Finance Forum as part of the Abu Dhabi Sustainability Week Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to unveil 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 His Highness 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 sustainablefinance activities, ADGM will integrate sustainability considerations into its regulatory framework, building on existing UAE initiatives and global best practices. ADGM will alsospearhead 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 moreregular 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 thelevel 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 arobust 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.
H.E Ahmed Ali Al Sayegh, commented: "We would like to thank our leadership, the Ministries, ourfellow regulators, local and global industry partners for sharing valuable insights and feedback in our efforts on advocating sustainable finance. We are honoured by the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan at ADSFF.
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 invitation-only 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.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.* For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards