News DeskDubai, UAE – Dubai International Financial Centre (DIFC), the premier financial hub spanning the Middle East, Africa, and South Asia (MEASA), continues to spearhead transformative initiatives following the groundbreaking COP28 UAE conference held last December. The latest demonstration of this resolve came at the ‘100 Days from COP28: Commitment to Action’ event, co-hosted in collaboration with the Global Ethical Finance Initiative (GEFI).
Sustained Collaboration: 100 Days from COP28
DIFC and GEFI, having previously collaborated on the global finance-focused ‘Path to COP28’ campaign, convened stakeholders from across the UAE finance sector to catalyze the translation of climate commitments into concrete actions. Esteemed leaders within the finance and banking industry shared progress updates on executing the Dubai Sustainable Finance Working Group (DSFWG) roadmap and the monumental AED 1 trillion Sustainable Finance pledge, underscoring a collective effort towards the UAE’s green economy transition.
Knowledge-Building and Finance Fundraising: Sustainable Finance Catalyst
Following COP28’s momentum, DIFC unveiled its Sustainable Finance Catalyst, an ambitious initiative aimed at channeling sustainable finance flows from Dubai to reach USD 100 billion by 2030. This initiative also seeks to empower future sustainability leaders and nurture sustainability-driven startups, with GEFI as its strategic implementation partner, facilitating the launch of an AI-driven knowledge hub.
DFSA Issues First ESG Fee Waiver
In a move to incentivize sustainable investments, the Dubai Financial Services Authority (DFSA) granted its inaugural ESG Fee Waiver for sustainability-related debt-issuance to Emirates NBD Bank PJSC. This gesture underscores DFSA’s commitment to innovation and its role in shaping the financial landscape.
DIFC Signs MoU with Climate Bonds Initiative (CBI)
In furtherance of its Sustainable Finance Catalyst, DIFC solidified its partnership with the Climate Bonds Initiative (CBI), marking a milestone in enhancing market awareness and developing Green Sukuk Standards (GSS). The collaboration aims to bolster responsible Islamic investing and foster the creation of asset and wealth management products, culminating in a “Transition Dialogue” side-event at the upcoming Future Sustainability Forum in December 2024.
Comments from Key Stakeholders
Alya Al Zarouni, Chief Operating Officer of DIFC Authority, emphasized the collaborative effort required to translate commitments into tangible actions, reaffirming DIFC’s dedication to advancing towards a low-carbon economy.
Omar Shaikh, Managing Director of Global Ethical Finance Initiative, highlighted the pivotal role of partnerships in driving actual implementation, measurement, and reporting within the financial landscape.
Through its chairmanship of the Dubai Sustainable Finance Working Group, DIFC remains steadfast in enabling UAE businesses to build climate resilience while propelling the broader economy towards Net Zero.
With each initiative and partnership, DIFC solidifies its position as a global leader in sustainable finance, heralding a brighter, greener future for the region and beyond.
