Abu Dhabi (Union) Abu Dhabi Global Market announced today that it has achieved carbon neutrality as an institution by offsetting carbon emissions for the year 2021, thus reinforcing ADGM’s commitment to building a progressive and more sustainable economy, in addition to designating the market as the first carbon neutral international financial center in the world.
This development follows ADGM’s recent decision to transform the fourth edition of the Abu Dhabi Sustainable Finance Forum into a carbon neutral platform and event to be held in the United Arab Emirates.
To obtain a carbon-neutral rating, ADGM bought and withdrew all carbon credits for the year 2021 through the Rimba Raya project, one of the United Nations’ top REDD+ projects and a global REDD 1+ rated project based in Indonesia. . The initiative was facilitated by the AirCarbon Exchange, a digital carbon exchange based in Abu Dhabi Global Market Square.
Ahmed Jassim Al Zaabi, Chairman of ADGM, said: “ADGM is pleased to be the world’s first carbon-neutral financial center. ADGM’s commitment to the Abu Dhabi Sustainable Finance Forum, and being a carbon-neutral financial services hub, fully aligns with With its continuous efforts to provide an innovative financial platform and a progressive and inclusive ecosystem that supports the economic development and sustainable growth of both the UAE and Abu Dhabi Emirate in the long term, we will continue to promote meaningful cooperation with local and global companies, and we will play our part in supporting the UAE’s strategic initiative to achieve climate neutrality by 2050, which is in line with the fifty principles approved by the UAE government.
The Abu Dhabi Sustainable Finance Forum is an extension of the annual Abu Dhabi Sustainability Week, and is considered a strategic platform for the financial sector in the UAE to accelerate financing efforts and sustainable investments and build a more sustainable economy and future.
The forum witnessed the signing of 18 new members of the Abu Dhabi Declaration on Sustainable Finance, bringing the total number of members to 59. Together, these members seek to promote more sustainable financing activities and provide responsible investments, in addition to addressing issues that affect the financial sector and quality of life in the UAE in the long term. .
During the forum, ADGM also unveiled a series of new initiatives and programs designed to support the sustainable financing agenda. These new initiatives include:
ADGM Sustainable Finance Platform: A platform designed to enhance and accelerate sustainable finance activities and decision-making among investors and stakeholders, by providing them with real-time access to sustainable finance market data in the UAE and the region. The platform will display important sustainable financial data and focus on responsible banking, responsible investing, sustainable products, disclosure of environmental and social standards, corporate governance and sustainable capital markets.
Environmental, Social and Corporate Governance Standards Report: ADGM is working in cooperation with Oxford Business Group to issue the first report on Environmental, Social and Corporate Governance Standards for Smart Sustainable Finance, which highlights the efforts of ADGM and the Emirate of Abu Dhabi to develop the sustainable finance sector and support the attraction of green asset issuers and investors.
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