The UAE Sustainable Finance Working Group, comprised of local regulators and exchanges chaired by the Abu Dhabi Global Market, issued a high-level statement on sustainable finance, detailing their commitment to achieving the UAE’s sustainability objectives and the recently announced net-zero 2050 programme.
The statement, issued on the sidelines of the Glasgow Cop26 summit, outlines three key deliverables: a targeted study aimed at encouraging consistent environmental social and governance corporate disclosure standards across the UAE, examining how to strengthen good corporate governance by UAE companies, and, crucially, developing a UAE taxonomy of sustainable activities, which constitutes a major milestone defining the path for economic transition to sustainable development.
The group includes the Ministry of Economy, the Ministry of Finance, the Office of the UAE’s Special Envoy for Climate Change, the Ministry of Climate Change and Environment, the Central Bank of the UAE, the Securities and Commodities Authority, the Dubai Financial Services Authority, the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai.
"Addressing the impact of climate change has never been more critical, and the financial regulators must work together to establish standards and norms that support the development of a sustainable economy with long term value returns," Ahmed Jasim Al Zaabi, chairman of ADGM, said.
"As key UAE regulators, we at ADGM are responsible for setting out robust frameworks that promote greater adoption of sustainable financing, to support the nation’s ambitious net-zero objective."
Investors in the UAE are increasingly seeing the benefits of integrating sustainable investing into their portfolio, with a recent study by Swiss investment bank UBS showing that 93 per cent believe it is a crucial part of their financial strategy.
A Standard Chartered survey revealed that 74 per cent of UAE investors want to leave a positive legacy through sustainable investing compared with the global average of 65 per cent.
Globally, the total value of sustainable and responsible investments stood at $35.3 trillion as of 2020, an increase of 15 per cent over the previous two years alone, according to the 2021 Global Sustainable Investment Review.
The UAE's statement sets a clear roadmap for the participating authorities to contribute to the nation's sustainable and climate change objectives, outlined in global frameworks such as the Paris Agreement, the United Nations Sustainable Development Goals and the UAE's own net zero objective.
"Amongst the many areas on which MOCCAE focuses in its commitment to responding to climate change, sustainable finance remains one of the crucial pillars supporting the development of a successful, green, and resilient economy," said Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security.
Addressing the impact of climate change has never been more critical, and the financial regulators must work together to establish standards and norms that support the development of a sustainable economy with long term value returns
Ahmed Jasim Al Zaabi,
chairman of ADGM
"The significant investment in clean and renewable energy sources that will be required to implement the UAE Net Zero by 2050 Strategic Initiative over the course of the next three decades only underscores the critical importance of sustainable finance."
The statement added that the implementation of the deliverables will be achieved through both legislative and non-legislative means and in co-ordination with authorities on the monitoring and technical support required to incorporate sustainability into regulatory frameworks.
"Mitigating the impact of climate change on key economic sectors is a prerequisite for building resilient and sustainable economies. We are committed to devising sustainable finance policies to contribute to the UAE’s net-zero goal and support sustainable economic and social development, which represent a key pillar for the next 50 years," said Younis Haji Al Khoori, undersecretary of the Ministry of Finance.
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Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
UAE currency: the story behind the money in your pockets
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
Read more about the coronavirus
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411