Abu Dhabi Sustainable Finance Forum Highlights UAE's Climate Leadership At ADFW 2024 Conclusion

The Abu Dhabi Sustainable Finance Forum (ADSFF) recently concluded as part of Abu Dhabi Finance Week. Hosted by ADGM in collaboration with the Global Climate Finance Centre, HSBC, and Smartenergy, the event highlighted key discussions on sustainable finance. Sheikha Shamma bint Sultan bin Khalifa Al Nahyan delivered a keynote speech stressing the UAE's leadership in climate action and the importance of collaborative efforts to tackle environmental issues through blended finance.

Majid Al Suwaidi from Alterra engaged in a conversation with Mercedes Vela Monserrate of GCFC about launching the world's largest climate fund. They discussed its progress and capital mobilisation strategies. Carme Artigas Brugal, Co-Chair of the AI Advisory Body at the United Nations, spoke on AI's role in addressing global challenges. She emphasised ethical considerations alongside Sustainable Development Goals.

Emmanuel Givanakis, CEO of ADGM's Financial Services Regulatory Authority, reiterated ADGM's commitment to sustainable finance. He stated, "At ADGM, we position ourselves as a key driver in the UAE’s path towards achieving net-zero emissions by 2050." He highlighted their regulatory framework promoting green finance and encouraged public-private collaboration to bridge financing gaps.

Representatives from HSBC discussed their strategies for mobilising finance aligned with science-based targets to limit temperature rises to 1.5°C. They shared plans to reduce investments in carbon-intensive industries while supporting emerging technologies and green business models aimed at sustainability.

A panel discussion featured experts like Fabrice Dumonteil from Eiffel Investment Group and Jérôme de Bontin from Capricorn Investment Group. They explored private capital flows into environmentally beneficial projects and assessed the current ecosystem's effectiveness in creating measurable impacts. Carbon markets were also examined for their potential role in financing climate change initiatives.

Renewable Energy and Banking Sector

Renewable energy growth predictions by the International Energy Association (IEA) were discussed, highlighting accelerated development over five years. A session focused on banking's role in green transitions featured representatives from HSBC, Mashreq, and Emirates NBD. They debated financial sector responsibilities for sustainability commitments and ways to achieve alignment in green financing.

The forum saw 44 new signatories join the Abu Dhabi Sustainable Finance Declaration, bringing total members to 160. This platform allows collaboration on best practices across sectors like asset management, climate tech, AgriTech, renewable energies, food security, logistics, and waste management.

The Women in Finance conference was another notable event marking ADSFF's conclusion. This gathering underscored women's roles in advancing sustainable finance initiatives within various sectors globally.

With inputs from WAM