(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 5th November 2021 (WAM) - Ministers and senior officials affirmed that the high level commitment to achieving the UAE's sustainability objectives and the recently announced Net-Zero 2050 ambition as the first country in the MENA region is yet another step towards sustainable practices in the UAE.
Earlier today, the UAE Sustainable Finance Working Group, comprised of numerous federal and local UAE regulators and exchanges chaired by Abu Dhabi Global Market (ADGM), 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 ambition as the first country in the MENA region.
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, said: "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. 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. We are keen to collaborate with our colleagues from other ministries, regulatory authorities, and exchanges on mainstreaming sustainable finance practices and creating an enabling environment for the growth of the market."
Younis Haji Al Khoori, Under-secretary of Ministry of Finance said: "Mitigating the impact of climate change on key economic sectors is a prerequisite for building resilient and sustainable economies. At the Ministry of Finance, 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. We are pleased to be part of the this initiative, which echoes our pledge to contribute to the UAE's climate change objectives and reaffirms our commitment to retain the robust, safe, sustainable, and green economic environment in the UAE."
Commenting on the Statement, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: "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. 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. Together with our fellow regulators and exchanges, ADGM has issued this Statement to highlight its commitment to catalysing climate action as we collectively look to sustain the growth of the UAE's economy. We are confident that the implementation of the directives set out in this Statement will have a significant impact on the UAE's achievement of its various global commitments to sustainability."
WAM/Hassan Bashir
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