#Climate Finance #Abu Dhabi #United Arab Emirates #ADSFF

Wrap-up of Abu Dhabi Sustainable Finance Forum 2024

On December 13, 2024, the Abu Dhabi Global Market (ADGM) hosted the 7th edition of the Abu Dhabi Sustainable Finance Forum (ADSFF), marking the closing event of the Abu Dhabi Finance Week (ADFW). This forum was conducted in collaboration with the Global Climate Finance Centre (GCFC), HSBC, and Smartenergy, showcasing a commitment to addressing crucial discussions on sustainable financial development.

Context of the Forum

Exactly one year after the conclusion of COP28 and just weeks following COP29, the ADSFF served as a significant platform for engaging in critical dialogues focused on sustainability, regulation, awareness, and cooperation. The discussions were pivotal in furthering the UAE’s goals of achieving net-zero emissions, strategically positioning Abu Dhabi and ADGM as leaders in driving long-term momentum in sustainable finance.

Highlights from Keynote Speakers

Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators, delivered the keynote address, emphasizing the UAE's leadership role in climate action and the need for collaborative approaches to address environmental challenges through diversified funding mechanisms.

S.E. Majid Al Suwaidi, CEO of Alterra, led an illuminating session with GCFC CEO Mercedes Vela Monserrate on the launch of the world’s largest climate fund, discussing its achievements and capital mobilization strategies under the theme, “Catalyzing the Future: Abu Dhabi's Bold Vision to Become A Global Climate Finance Hub.”

Urgent Debates on Sustainable Finance

The ADSFF agenda featured in-depth discussions on pivotal topics concerning sustainable finance and environmental governance. A notable session was led by Carme Artigas Brugal, co-chair of the advisory body on AI at the United Nations, where she highlighted the UN's advancements in establishing international regulations for AI. Artigas stressed the potential of AI in confronting global challenges, underscoring the necessity of integrating ethical considerations into sustainable development objectives.

In his welcoming speech, Emmanuel Givanakis, CEO of ADGM’s Financial Services Regulatory Authority, reiterated ADGM’s strategic mission to act as a catalyst in sustainable finance. He announced that ADGM is positioning itself as a crucial player in the UAE’s path towards achieving net-zero emissions by 2050, with supportive regulatory frameworks to promote sustainability and climate transition. Givanakis encouraged collaboration between public and private sectors to address the green financing gap effectively.

Insights from Global Financial Leaders

Representatives from HSBC provided insights into the current climate economy and shared strategies to mobilize funds aligned with scientific targets aiming for a global temperature rise limit of 1.5°C. A debate on impact investing included professionals such as Fabrice Dumonteil, Jérôme de Bontin, and Jonathan Dean, who discussed how private investments can contribute to environmentally beneficial projects and assessed the current system's efficiency in generating measurable impacts.

Carbon markets also received significant attention, with experts from Climate Finance Partners and ADGM's FRSA discussing the potential use of carbon credits as financing means to combat climate change and meet national targets. Renewable energy was highlighted during a session on IEA's forecasts for growing renewables over the next five years, with professionals from Smartenergy and others exchanging views on emerging opportunities in renewable markets.

Commitment to Sustainable Practices

The ADSFF concluded with 44 additional signatories joining the Abu Dhabi Sustainable Finance Declaration, a platform encouraging collaboration with ADGM on best practices and innovative solutions in sustainability. This raised the total number of signatories to 160.

An impactful event, “Women in Finance,” also took place on the last day of the ADSFF, featuring influential women in finance who shared inspiring stories and fostered networking among attendees.

The success of ADSFF underscores its crucial role in knowledge acquisition, information dissemination, and partnership development within the financial sector to combat climate change effectively. As Abu Dhabi takes giant strides towards becoming a global hub for sustainable finance, it sets a precedent for other nations to follow in addressing climate challenges and achieving environmental goals.