ADGM becomes first ‘carbon neutral’ International Financial Centre in the world

ABU DHABI, Abu Dhabi Global Market, the leading International Financial Centre in Abu Dhabi, Wednesday announced that it had achieved a “carbon-neutrality” status by offsetting its 2021 carbon emissions as an organisation.It reinforces ADGM’s commitmen…

ABU DHABI, Abu Dhabi Global Market, the leading International Financial Centre in Abu Dhabi, Wednesday announced that it had achieved a "carbon-neutrality" status by offsetting its 2021 carbon emissions as an organisation.

It reinforces ADGM’s commitment to building a progressive and more sustainable economy, and in addition, positioning ADGM as the first IFC in the world to be "carbon neutral."

This came following ADGM’s recent decision to transform the 4th edition of Abu Dhabi Sustainable Finance Forum (ADSFF) into a carbon-neutral platform and event in the UAE.

To obtain its carbon-neutral position, ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya 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.

At his opening keynote address at the 4th ADSFF, Ahmed Jasim Al Zaabi, Chairman of ADGM, said, "ADGM is glad to be the first international financial centre in the world to be carbon-neutral. ADGM’s commitment to ADSFF and being a "carbon-neutral" financial services hub dovetail well with its ongoing efforts to provide an innovative financial platform and progressive, holistic ecosystem that bolster Abu Dhabi and the UAE’s long-term economic development and sustainable growth. 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 ADSFF is an extension of the annual Abu Dhabi Sustainability Week and a strategic platform by the UAE financial sector to accelerate sustainable financing and investments and build up a more sustainable economy and future.

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 59.

The one-day ADSFF was attended by a large number of participants and featured many globally renowned speakers including, Ahmed Jasim Al Zaabi, Chairman of ADGM, Mohammed Ali Al Shorafa Vice Chairman of ADGM, Ban Ki-moon, President of the Assembly and Chair of the Council of the Global Green Growth Institute, Eight Secretary-General of the United Nations, Younis Alkhoori, Under-Secretary at the Ministry of Finance, UAE, Mohammed Al Hammadi, Managing Director and CEO, Emirates Nuclear Energy Corporation (ENEC), Salama Al Ameemi, Director General, Ma’an Authority for Social Contribution, Dr. Maryam Al Suwaidi, Securities and Commodities Authority (SCA), and others.

Source: Emirates News Agency