UAE unites global efforts to address climate change, LSEG official tells WAM

ABU DHABI, 23rd October, 2023 (WAM) -- Jane Goodland, Group Head of Sustainability at London Stock Exchange Group (LSEG), stressed the UAE's commitment to addressing climate change and creating a sustainable future through its ambitious goal of achieving net-zero carbon emissions by 2050.

In a statement to the Emirates News Agency (WAM), Goodland added that COP28 represents a turning point to assess progress in implementing the Paris Agreement, noting that COP28 is of great importance in unifying collective efforts to reduce global carbon emissions.

Goodland commended the UAE government's long-term commitment to sustainability, adding that the UAE's stature as a leading hub reinforces its position to stimulate innovation and encourage the adoption of modern technologies that can contribute to a sustainable future.

She praised the holistic approach that the COP28 Presidency is following by engaging all stakeholders in the discussions, pointing out that this approach enhances the exchange of ideas and diverse perspectives, which is essential to accelerate progress towards sustainability goals.

Goodland mentioned that the UAE's focus on the regulatory framework as a key element in addressing climate change is a significant step forward, commending the UAE Sustainable Finance Framework 2021-2031, which aims at enhancing cooperation between the public and private sectors and creating an environment conducive to the generalisation of sustainable finance practices.

She explained that the framework focuses on three interlinked topics: strengthening sustainability disclosure; fostering sustainability-focused corporate governance; and designing the UAE's Sustainable Finance Taxonomy. She pointed out that this framework lays a strong foundation for integrating sustainability into the financial sector, promoting responsible investment, and accelerating the transition to a low-carbon economy.

LSEG official confirmed that the UAE's Green Agenda 2030 - to increase the country's GDP by 4 to 5 percent through sustainable economic growth - reiterates the UAE's contribution to sustainability and promoting innovation and leveraging technology to achieve its environmental goals.

On the role of the UAE's financial markets in contributing to the transition to a sustainable economy, Goodland said that financial markets play a critical role in this regard, pointing out that the commitments to channel trillions of dollars towards the transition to zero carbon are vitally important for achieving climate goals.

She explained that the UAE's financial markets are actively participating in expanding sustainable finance offerings, with the Dubai Financial Market issuing regulatory frameworks for reporting on environmental, social, and governance (ESG) to encourage listed companies to increase disclosure of ESG information and adopt ESG reporting practices, which reinforces their ability to attract investments, access finance and enter new markets through good governance practices.

She added, "The local market has also seen the issuance of green bonds, which is boosting sustainable finance in the region and reflects the UAE's commitment to developing new asset classes and the commitment of financial markets to playing a critical role in financing the transition to a sustainable economy."

Goodland highlighted that the London Stock Exchange Group has participated in previous rounds of COP conferences and has an active programme during its participation in COP28 this year. She added, "We are committed to continuing our participation in this important event. Our presence at COP28 reflects our long-term commitment to the region."

She explained that COP28 represents a great opportunity to communicate, exchange knowledge, and work effectively towards combating climate change. She said that the participation of the London Stock Exchange Group in the event aligns with the group's regulatory mission, which revolves around achieving financial stability and enabling economies to achieve sustainable growth.