#Abu Dhabi #United Arab Emirates #ADFW 2024 #Sustainable Finance

Abu Dhabi Sustainable Finance Forum Concludes ADFW 2024

The Abu Dhabi Global Market (ADGM) hosted the seventh edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) on December 12, 2024. This event was a significant part of the Abu Dhabi Finance Week (ADFW), marking one year since the conclusion of COP28 and just weeks after COP29. The forum's primary goal was to foster discussions around sustainable finance development and underline the UAE's commitment to climate action.

The ADSFF provided a platform for key stakeholders to engage in high-level dialogue regarding regulatory frameworks, awareness of sustainability principles, and collaborative approaches to environmental challenges. This year's discussions revolved around ambitious net-zero targets set by the UAE and how Abu Dhabi and ADGM aim to lead in building an ecosystem supportive of sustainable finance.

Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, the President and CEO of the UAE Independent Climate Change Accelerators, delivered a keynote address emphasizing the UAE's pivotal role in global climate initiatives. She highlighted the necessity for collaboration and innovative funding solutions, particularly through blended finance, to tackle environmental issues effectively.

In a noteworthy discussion, H.E. Majid Al Suwaidi, CEO of Alterra, hosted a fireside chat with Mercedes Vela Monserrate, the CEO of the Global Climate Finance Centre (GCFC). This session focused on the launch of the world's largest climate fund, detailing its current progress and initiatives to mobilize capital for sustainable investments. The conversation centered on how Abu Dhabi is positioning itself as a global climate finance hub.

A significant highlight of the forum was a keynote speech by Carme Artigas Brugal, Co-Chair of the AI Advisory Body at the United Nations. She discussed the UN’s efforts in establishing international regulations for Artificial Intelligence (AI) and its potential role in achieving Sustainable Development Goals (SDGs). Artigas advocated for incorporating ethical considerations into AI deployments, especially in addressing pressing global challenges.

During his opening remarks, Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority (FSRA) at ADGM, reaffirmed ADGM's mission to play a crucial role in leading the UAE towards net-zero emissions by 2050. He emphasized the importance of public-private partnerships in navigating the green financing gap and accelerating climate transitions.

Representatives from HSBC, a leading global banking entity, shared insights into their strategies for mobilizing finance aligned with scientific targets intended to limit global temperature increases. A panel featuring industry leaders discussed the dynamics of impact investing, focusing on how private investments could support sustainable projects effectively.

The forum also examined the evolution of carbon markets with experts elucidating methods for utilizing carbon credits to finance climate change initiatives. Additionally, a session on renewable energy explored predictions from the International Energy Agency (IEA) regarding the accelerated growth of renewables in the coming years, showcasing opportunities for investment in green energy projects.

The event culminated in an impressive addition of 44 new signatories to the Abu Dhabi Sustainable Finance Declaration, increasing its total to 160 members. This declaration serves as a collaborative platform for entities to engage with ADGM in developing best practices for sustainability.

Lastly, the Women in Finance conference, which took place on the final day of ADSFF, gathered influential women from the financial sector, including representatives from government and leading corporations. This gathering not only spotlighted the contributions of women in finance but also provided networking opportunities to foster collaboration and mentorship.

With its focused agenda, the Abu Dhabi Sustainable Finance Forum has successfully positioned itself as a critical player in steering the financial industry towards climate-conscious investments, showcasing Abu Dhabi’s prominent role in the global transition to sustainable finance.