(MENAFN- Oxford Business Group) Oxford Business Group and Abu Dhabi Global Market team up for ESG intelligence analysis
Abu Dhabi, January 2022: A new environmental, social and governance (ESG) intelligence report, produced by Oxford Business Group (OBG) in partnership with Abu Dhabi Global Market (ADGM), charts the progress made by the financial centre and broader UAE in developing a viable sustainable finance ecosystem to support a diversified green economy and boost investment inflows.
Titled “ADGM: International Sustainable Finance Centre”, the report was launched at the Abu Dhabi Sustainable Finance Forum 2022, held on January 19.
ADGM’s growing status as a hub for sustainable finance is a key focus. The report looks at what the market is doing to facilitate green investment, prevent greenwashing and drive green innovation in key areas such as the application of fintech.
As global investors increasingly seek financial markets with robust standards and credible green credentials, the report also explores how ADGM’s status as a sustainable finance centre will be supported by the development of a holistic regulatory framework governing green-labelled products and services and supporting transparent corporate disclosures and responsible business practices.
Elsewhere, the ESG analysis tracks the steps that the country is taking to help drive the global sustainability agenda, which include being the first Gulf country to commit to net-zero carbon emissions by 2050.
In particular, the report examines how the development of a green taxonomy for the UAE will support national net-zero ambitions by helping to identify and attract capital to companies and projects best positioned to contribute to sustainability efforts.
Elsewhere, the report analyses the UAE’s competitive advantages as a sustainable finance hub, including its business-friendly environment, ambitious national climate goals, and close connections to deep pools of private, corporate and institutional wealth.
The ESG analysis features a viewpoint from Ahmed Jasim Al Zaabi, Chairman, ADGM, who explained that ADGM developed the Sustainable Finance Agenda to align with the UAE’s priorities in this area and will continue to incorporate sustainability principles into its regulatory framework.
“The collaborative efforts among leaders in the Abu Dhabi government, the private sector and ADGM have played an outsized role in moving the economy closer to net-zero carbon emissions,” Al Zaabi said.
The report also features an interview with Emmanuel Givanakis, CEO, ADGM Financial Services Authority, in which he highlights the steps being taken to create a consistent and comprehensive UAE taxonomy for sustainable finance.
Givanakis explained that the UAE Sustainable Finance Working Group, which is chaired by ADGM, has created three key deliverables that the country’s authorities aim to realise through both legislative and non-legislative means.
“The initial focus will be on standards for products and services labelled as ‘sustainable’. Amendments to the capital markets framework will be published in early 2022 as well, covering ESG disclosure for listings and offers; responsible and sustainable sourcing of commodities; and carbon emission allowances for companies,” he said.
Jana Treeck, OBG’s Managing Director for the Middle East said that the disruption caused by the global Covid-19 pandemic had paved the way for emerging global financial hubs such as Abu Dhabi to position themselves as viable ecosystems for sustainable investment.
“Our new ESG intelligence report highlights the steps that the UAE has already taken to put sustainability at the forefront of its socio-economic development, while also mapping out its plans to boost green investment as the global recovery takes hold,” Treeck said. “We expect to see the country continue promoting investments with positive economic, social and environmental impacts through initiatives such as the Abu Dhabi Sustainable Finance Forum, while its role as host of the UN Climate Change Conference in 2023 will provide a timely opportunity for the UAE to shape the global sustainability agenda further.”
The ESG intelligence reports form part of a series of tailored studies that the global research and advisory company is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Growth and Recovery Outlook articles and interviews.
The ESG intelligence report is now available to view and download at:
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