Abu Dhabi Global Market becomes world's first carbon-neutral international financial centre
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Abu Dhabi Global Market becomes world’s first carbon-neutral international financial centre

Abu Dhabi Global Market becomes world’s first carbon-neutral international financial centre

ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya project in Indonesia

Abu Dhabi Global Market

The Abu Dhabi Global Market (ADGM) said on Wednesday that it had achieved carbon-neutrality status by offsetting its 2021 carbon emissions as an organisation.

It reportedly positioned ADGM as the first international financial centre in the world to be carbon neutral.

To reach its carbon-neutral position, ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya [1] project, one of the highest-rated REDD 1+ projects globally, based in Indonesia.

This initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.

ADGM’s recently decided to transform the fourth edition of Abu Dhabi Sustainable Finance Forum (ADSFF) into a carbon-neutral platform and event in the UAE.

The ADSFF is an extension of the annual Abu Dhabi Sustainability Week and a platform by the UAE financial sector to accelerate sustainable financing and investments and build a sustainable economy.

At this year’s ADSFF, a new cohort of 18 industry members joined the Abu Dhabi Sustainable Finance Declaration, bringing the total number of members to 59.

During the forum, ADGM also unveiled a series of new initiatives and programmes designed to support the sustainable finance agenda. These include: The ADGM Sustainable Finance Platform designed to promote and accelerate sustainable finance activities and decision-making among investors and stakeholders by providing them with real-time access to UAE and regional sustainable finance market data. The platform will feature critical sustainable finance data and focus on responsible banking, responsible investing, sustainable products, ESG disclosure, and sustainable capital markets, according to news agency WAM.

ADGM is also working with the Oxford Business Group to produce the ESG Intelligence Sustainable Finance Report to highlight ADGM’s and Abu Dhabi’s efforts and contributions towards the developments of the sustainable finance industry, and how they have been supporting the evolving needs of green asset issuers and investors.

The one-day ADSFF featured the likes of Ahmed Jasim Al Zaabi, chairman of ADGM; Ban Ki-moon, president of the Assembly and chair of the Council of the Global Green Growth Institute, eighth secretary-general of the United Nations; Younis Alkhoori, undersecretary at the Ministry of Finance, UAE; and Jean Lemierre, chairman of BNP Paribas, among others.

At his opening keynote address at the fourth ADSFF, ADGM chairman Al Zaabi, said: “We will continue to foster meaningful collaborations with local and global businesses and play our part in supporting the UAE’s Net-Zero by 2050 Strategic Initiative, which is in line with the country’s Principles of the 50 blueprint.”

The UAE has already announced a Net Zero 2050 Strategic Initiative to reduce carbon emissions. The country will spend over Dhs600bn on renewable energy until 2050.

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