ABU DHABI, 12th December, 2024 (WAM) -- ADGM, the international financial centre (IFC) of Abu Dhabi, in partnership with Global Climate Finance Centre (GCFC), HSBC and Smartenergy, today hosted the 7th edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) to round off Abu Dhabi Finance Week (ADFW).
Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators, delivered a keynote address, emphasising the UAE’s leadership role in climate action and the need for collaborative approaches to effectively address environmental challenges through blended finance.
Majid Al Suwaidi, CEO of Alterra, led an insightful fireside chat with the CEO of GCFC, Mercedes Vela Monserrate on the launch of the world’s largest climate fund, its progress to date and how it is mobilizing capital alongside its partners in the session, ‘Catalysing the Future: Abu Dhabi’s Bold Vision to Become A Global Climate Finance Hub’.
The ADSFF agenda also explored a range of pressing topics in sustainable finance and environmental governance. A notable session was a keynote speech from Carme Artigas Brugal, Co-Chair of the AI Advisory Body at the United Nations, where she highlighted the UN's advancements in setting international rules for AI. Artigas, who leads the initiative for establishing a global rulebook on AI cooperation, highlighted AI’s potential to address global challenges, emphasising the importance of integrating ethical considerations alongside the pursuit of Sustainable Development Goals.
In his welcome address, Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority at ADGM, highlighted ADGM’s initiatives on sustainable finance, reiterating its strategic mission to be a catalyst in the Capital of Green Capital. Givanakis said, "At ADGM, we position ourselves as a key driver in the UAE’s path towards achieving net-zero emissions by 2050, offering an ecosystem supported by a comprehensive regulatory framework that promotes sustainable finance and climate transition. We also encourage public and private sectors to collaborate in bridging the green financing gap, accelerating the transition to net-zero, and shaping the sustainable financial landscape of the future.”
Senior representatives of the global banking group, HSBC, highlighted the current global climate economy and shared HSBC’s strategies to mobilise finance and promote innovation that aligns with science-based targets to limit global temperature rises to 1.5°C. They outlined HSBC’s approach to reducing carbon-intensive industries while investing in emerging technologies and green business models designed for a sustainable future.
In a panel discussion on impactful investing, panellists Fabrice Dumonteil – Chairman & CEO of Eiffel Investment Group, Jérôme de Bontin – Partner at Capricorn Investment Group, Jonathan Dean – Head of Impact Private Equity Fund Management at AXA IM Alts and Ewa Jackson, – Managing Director and Head of Climate Product at Apollo Global Management examined how private capital flows into environmentally beneficial projects and questioned the current ecosystem's effectiveness in creating measurable impact.
Carbon markets and their evolution were also a major focus, with experts from Climate Finance Partners, the Financial Services Regulatory Authority (FRSA) of ADGM, Offset8 Capital and GIGATONS addressing the possible use of carbon credits as a means to finance climate change and achieve national targets.
Renewable energy, another key topic, discussed the International Energy Association’s (IEA) prediction of accelerated growth in renewables over the next five years.
Lastly, a session on banking’s role in the green transition with representatives from the leading banks such as HSBC, Mashreq and Emirates NBD highlighted the financial sector’s responsibility to meet sustainability commitments and debated ways to achieve alignment and accountability in green financing.
ADSFF also witnessed 44 new signatories for the Abu Dhabi Sustainable Finance Declaration, a platform for the signatories to engage directly with ADGM, and to collaborate on best practices, innovative solutions and commercial offerings within sustainability. With this addition, the total number of members who signed the declaration has grown to 160 signatories. Together, they have a joint commitment to advance sustainability across sectors such as asset management, climate tech, AgriTech, operational companies with projects in renewable energies, food security and water, logistics and waste management.
The Women in Finance conference was another significant event to mark the last day of ADSFF.