MOCCAE partners with ADGM to accelerate sustainable finance activities and green technologyADGM 30/06/2019
- MoU signed at preparatory meeting for 2019 UN Climate Action Summit aims to address knowledge and funding gaps in nation’s green finance models
- His Excellency Dr. Thani bin Ahmed Al Zeyoudi: Abu Dhabi to become go-to, natural, professional environment for clean technology, green finance
Abu Dhabi, United Arab Emirates: June 30, 2019 – The Ministry of Climate Change and Environment (MOCCAE) today announced a new partnership with the Abu Dhabi Global Market (ADGM) to embed sustainable finance in the UAE and wider region.
The Memorandum of Understanding (MoU) was signed by UAE Minister of State and Chairman of ADGM, H.E Ahmed Ali Al Sayegh, on the sidelines of the Abu Dhabi Climate Meeting – the precursor for the UN Climate Action Summit.
The key details of the deal include:
- Attracting private investment and cutting-edge technologies to the country by addressing regulation and funding gaps;
- Creating an information exchange in international sustainable finance;
- Contributing to the formation of a comprehensive regulatory and legal framework for sustainable finance in the UAE and the wider region.
Under the Paris Agreement, the UAE pledged to place sustainability at the core of its strategies. MOCCAE’s cooperation with ADGM will further develop sustainable financial markets to achieve the objectives of the UAE Green Agenda 2030, and the National Climate Change Plan 2050.
Commenting on the signing of the MoU, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, said: “I’m delighted that today we have made a huge step in advancing our response to climate change with this new partnership with the ADGM free zone. We know that climate action makes economic sense; and as we grow our financial services industry here in the UAE we are determined to do so sustainably.
“And so today we make Abu Dhabi the go-to, natural, professional environment for clean technology and say to potential investors: we are open for conversations about how our frameworks and capacity can support you, see what we have to offer.”
His Excellency Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM added: “Over the years, the UAE Government has taken bold and firm steps to establish and maintain a sustainable economy and environment for our future generations. As an International Financial Centre, Abu Dhabi Global Market (ADGM) plays an active role in supporting and enabling our industries, the financial sector and the overall economy to achieve their goals and enjoy sustainable growth for the long term. We are pleased to work closely with the Ministry of Climate Change and Environment and like-minded partners on greater adoption of clean technology, green solutions and sustainable finance in our marketplace and across the region.”
The UAE saw the business case for climate action early, and is already profiting from its investments. Its green technology and businesses are supported by the underlying policy of the government that climate action in the UAE is an all of economy and society approach.
About the UAE Ministry of Climate Change and Environment
The Ministry of Climate Change and Environment (MOCCAE) was established in February 2006 as the Ministry of Environment and Water. Under its redefined scope, the ministry has taken on a dual mandate. On the national level, it aims to strengthen the UAE’s efforts in preserving the environment and promoting food diversity in accordance with the nation’s aspiration to emerge as a key benchmark for sustainable development. On the global level, MOCCAE joins international stakeholders in combating climate change and profiles the UAE’s path-breaking achievements in the sector at thought leadership platforms worldwide.
For further details, please contact us: Media@moccae.gov.ae
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 a 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 an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed 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
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The text of the Memorandum of Understanding on cooperation in sustainable financial activities is as follows.
Its key points are that The Parties wish to cooperate in the following areas:
(A) Exchange of information in various activities and products of sustainable international financial services
(B) Exchange of information on legislation and regulations
(C) Cooperate in identifying funding gaps for the financial sector with a view to achieving the objectives of the Paris Climate Agreement and the United Nations Sustainable Development Goals.
(D) Joint exchange of activities and activities for sustainable financing.
(E) Cooperation to develop sustainable financial markets in order to achieve the objectives of the UAE 2030 Green Agenda, and the National Climate Change Plan 2050.
(F) Collaborate in support of sustainable financing in the UAE, particularly in providing an appropriate and coordinated regulatory framework on classifications, governance and disclosure to facilitate sustainable development.
(G) Collaborate in facilitating the reconciliation of clean technology providers, sustainable project developers and potential investors, including those registered in the Abu Dhabi Financial Market, to accelerate the development and deployment of sustainable solutions and businesses to build knowledge and improve access to finance.
(H) Contributing to the organization of seminars and conferences to support capacity-building in sustainable finance.
(I) Cooperation in training and capacity-building for sustainable financing or sustainability in general