· Main UAE regulators and exchanges, together with MoE, MoF, the OSECC, MOCCAE, CBUAE, SCA, ADGM, DFSA, ADX, DFM, and Nasdaq Dubai, set out roadmap for sustainable finance development
ABU DHABI, UAE, Nov. 5, 2021 /PRNewswire/ — The UAE Sustainable Finance Working Group, comprised of quite a few federal and native UAE regulators and exchanges chaired by Abu Dhabi World Market (ADGM), has issued a Excessive-Stage Assertion on Sustainable Finance detailing their dedication to reaching the UAE’s sustainability aims and the just lately introduced Net-Zero 2050 ambition as the primary nation within the MENA area. The Assertion was additionally issued on the side-lines of the 26th United Nations Local weather Change Convention (COP26), below the presidency of the United Kingdom and in partnership with Italy, whereby the UAE is a dedicated accomplice striving to safeguard the surroundings, drive down emissions and create lasting financial alternative.
The Assertion follows on from the UAE Core Regulators’ Group which started its work in 2019. It builds upon the commitments set out within the UAE Guiding Principles on Sustainable Finance, printed in 2020, which serve to information the implementation and integration of constant sustainable practices among the many UAE’s monetary entities, contributing to the well being and resilience of the nation’s financial system.
The UAE Sustainable Finance Working Group issuing the Assertion, now operates in an expanded discussion board to scale up the event of sustainable finance insurance policies within the UAE. It contains the UAE Ministry of Economic system, the UAE Ministry of Finance, the Workplace of the UAE’s Particular Envoy for Local weather Change, the UAE Ministry of Local weather Change and Surroundings, the Central Financial institution of the UAE, the Securities and Commodities Authority, ADGM, the Dubai Monetary Companies Authority, the Abu Dhabi Securities Trade, Dubai Monetary Market, and Nasdaq Dubai.
The Assertion units a transparent and far wanted roadmap for the collaborating authorities to contribute to the UAE’s sustainable and local weather change aims, outlined in international frameworks, such because the Paris Settlement, the United Nations Sustainable Growth Objectives, which the UAE is totally supporting, and the nation’s personal UAE Internet Zero by 2050 strategic initiative.
Outlined within the Assertion are three key deliverables the UAE authorities will try to realize to present a concrete expression to those worldwide commitments. The deliverables embody: a focused examine aimed toward encouraging constant Environmental Social and Governance company disclosure requirements throughout the UAE, analyzing how you can strengthen good company governance by UAE firms to contribute to driving the sustainability agenda, and, crucially, develop a UAE taxonomy of sustainable actions, which constitutes a serious milestone defining the trail for financial transition to sustainable improvement.
The implementation of the deliverables can be achieved by means of each legislative and non-legislative means and in coordination with the authorities on the monitoring and technical assist required to include sustainability into regulatory frameworks.
The directives set out within the Assertion observe the institution of the UAE Sustainable Finance Working Group in 2019, now comprising a spread of regulatory authorities, exchanges, governmental our bodies, and ministries within the UAE accountable for creating environmentally sustainable finance insurance policies. The Assertion can be an development within the authorities’ improvement of the UAE Guiding Ideas on Sustainable Finance, which serve to information the implementation and integration of constant sustainable practices among the many UAE’s monetary entities, contributing to the well being and tenacity of the nation’s financial system.
For extra particulars, obtain The Excessive Stage Assertion of Sustainable Finance. https://www.adgm.com/documents/fsra/sustainable-finance/2021-public-statement-on-collaboration-on-sustainable-finance-in-the-UAE.pdf
SOURCE Abu Dhabi World Market