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

Abu Dhabi Sustainable Finance Forum Marks ADFW 2024

On December 13, 2024, the Abu Dhabi Global Market (ADGM), the international financial center of Abu Dhabi, successfully hosted the seventh installment of the Abu Dhabi Sustainable Finance Forum (ADSFF). This signature event, organized in collaboration with the Global Climate Finance Centre (GCFC), HSBC, and Smartenergy, marked the conclusion of the Abu Dhabi Finance Week (ADFW). The forum took place exactly one year after the conclusion of COP28 and only weeks following COP29, underscoring its importance in shaping sustainable finance discussions globally.

A Platform for Sustainable Finance Conversations

ADSFF provided an interactive platform for stakeholders to engage in critical conversations around sustainable financial development. The event highlighted the UAE's commitment to achieve its net-zero goals while contributing to a sustainable global future. Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators, delivered a keynote speech, emphasizing the UAE's leadership in climate action and the need for collaborative approaches to tackle environmental challenges through blended finance.

In a notable session titled "Catalysing the Future: Abu Dhabi's Bold Vision to Become A Global Climate Finance Hub," Majid Al Suwaidi, CEO of Alterra, engaged in a thought-provoking discussion with GCFC's CEO, Mercedes Vela Monserrate. They explored the progress of the world's largest climate fund and its role in mobilizing capital for climate initiatives.

Keynote Addresses and Thematic Discussions

The day also featured urgent discussions on critical issues related to sustainable finance and environmental management. A significant highlight was the address by Carme Artigas Brugal, UN Advisory Board Co-Chair on Artificial Intelligence, who spoke about the UN's progress in establishing global regulations for AI. She stressed the importance of integrating ethical considerations in tandem with Sustainable Development Goals (SDG) pursuits.

Adding to the discourse, Emmanuel Givanakis, CEO of ADGM, outlined the center’s initiatives within sustainable finance, reiterating its strategic mission as a catalyst for green capital in the UAE. "We position ourselves as a driving force towards achieving net-zero emissions in the UAE by 2050," he stated, emphasizing that a comprehensive regulatory framework is essential for promoting sustainable finance and managing climate risks.

Highlights from HSBC and Other Experts

Senior representatives from HSBC also provided insights into the current state of the global climate economy, detailing the bank's strategies in mobilizing funding and fostering innovations aligned with scientifically backed targets to limit temperature rise to 1.5 °C. Furthermore, an impactful panel discussion on investments delved into how private capital is funneled into green projects, questioning the effectiveness of current frameworks in producing measurable outcomes.

Experts discussed the dynamic landscape of carbon markets, examining the utilization of carbon credits for combating climate change. Additionally, renewable energy topics gained traction with discussions surrounding the International Energy Agency's forecasts for renewable energy growth over the next five years.

A Collaborative Future for Sustainable Finance

The event concluded on a high note with the addition of 44 new signatories to the Abu Dhabi Sustainable Finance Declaration, signifying a total of 160 signatories committed to working with ADGM on best practices in sustainability.

A noteworthy panel focused on Women in Finance, featuring prominent female leaders from the financial sector who shared their insights and experiences, further emphasizing the event's commitment to diversity and empowerment across the industry.

Overall, the successful execution of the ADSFF underscored its significant role in nurturing knowledge, insights, and partnerships within the finance sector, crucial for addressing climate change's pervasive impacts. As Abu Dhabi continues to establish itself as a keystone in sustainable finance discussions, the momentum fostered at this year's forum sets a promising tone for future endeavors in combatting global environmental challenges.