First set of guiding principles on Sustainable Finance publishedADGM 15/01/2020
- First-of-its-kind initiative aimed at furthering the UAE’s sustainability agenda
- UAE Financial authorities forge commitment to ensure sustainability of UAE economy
Leading financial authorities in the UAE have published the UAE’s first set of Guiding Principles on Sustainable Finance, which serves as a catalyst in the implementation of the UAE’s sustainability priorities. The launch of the initiative was unveiled during the second edition of the Abu Dhabi Sustainable Finance Forum (ADSFF), a prominent event organized by Abu Dhabi Global Market (ADGM) and held during Abu Dhabi Sustainability Week.
Premised on the United Nations Agenda for Sustainable Development, the initiative was implemented as a result of collaborative efforts among a number of financial services authorities in the UAE, including: Abu Dhabi Global Market; the Ministry of Climate Change and Environment; the Central Bank of the UAE; the Insurance Authority of the UAE; the Securities and Commodities Authority; the Dubai Financial Services Authority; the Dubai Islamic Economy Development Centre; the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai.
These Guiding Principles will serve as a gateway to the increased implementation and integration of sustainable practices among the UAE’s financial entities and will secure the health and longevity of the nation’s economy. The voluntary principles represent the first stage of collaboration among participating entities to ensure a strong and frictionless transition to a sustainable framework. The contributing authorities will implement appropriate measures to encourage UAE financial firms to develop strategies to incorporate sustainable practice considerations in their business activities, decision making, risk management and in the context of exploring new businesses. As a leading international financial centre, the growth and development of the UAE’s economy remains a key focus across ADGM’s initiatives and efforts.
ADSFF was comprised of a series of events including a number of other announcements, key addresses, panel discussions and live ceremonies. In attendance were many leading international institutional investors, regulators, international agencies, development finance institutions and project developers who showcased concrete progress and actions that aim to develop sustainable finance in the MENA region and around the world.
ADSFF also hosted a myriad of speakers, including H.E. Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM; The Right Honourable The Lord Mayor of the City of London Alderman William Russell; Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, CEO of Alliances for Global Sustainability and Founder of the Circle of Hope Foundation; H.E. Dr. Thani Al Zeyoudi, Minister of Climate Change and Environment; Laurent Fabius, President of the COP21; H.E. Salama Al Ameemi, Director General of the Abu Dhabi Authority for Social Contribution (Ma’an); Ahmed Jasim Al Zaabi, Group CFO of ADNOC Group, and many other world leaders.
To learn more, download the first set of the Guiding Principles on Sustainable Finance.
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