Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market, ADGM, led a UAE delegation to the G20 Investor Forum in Buenos Aires, Argentina.
The 2018 Argentina G20 Presidency in collaboration with the World Bank organized a high level G20 Investor Forum focused on institutional investors, including pension funds, insurance companies, sovereign wealth funds and asset managers.
Speaking at the forum, Ahmed Al Sayegh stressed that "the Government of the UAE, both at federal and Emirate levels, has been the key driver of sustainability in the country, with the objective to ensure the sustainable use of its resources (such as water and agricultural land), to diversify its economy (minimizing reliance on oil) and protect the quality of life of inhabitants."
"The UAE's Ministry of Climate Change and Environment has played an active leading role in implementing the SDGs - committing more than US$840 million (AED3.1 billion) to renewable energy in more than 30 countries. We launched the National Climate Change Plan 2017-2050 last year as the UAE's comprehensive framework to address the causes and impacts of climate change and prepare for the transition into a climate resilient green economy. Our target is to have 44 per cent of the UAE's energy usage come from renewable sources by 2050," he explained.
The Ministry of Climate Change and the Environment has launched the Climate Innovation Exchange Forum, CLIX, at the Abu Dhabi Sustainability Week 2018 to connect entrepreneurs and innovators with investors to help drive sustainable climate change. "We will continue to introduce new initiatives to champion a sustainable future," said Al Sayegh.
"I have no doubt that sustainable growth can be achieved by through many different channels and mechanisms, including the use of new and innovative green technologies to achieve climate and environmental targets, as well as the 2030 SDGs championed by the United Nations," he remarked.
Minister Al Sayegh explained that Abu Dhabi Global Market, ADGM, is an International Financial Centre and financial regulator, established to support the financial stability and long-term economic growth of Abu Dhabi and the UAE.
"As such, ADGM believes that governments, regulators and the private sector need to work hand-in-hand to develop new approaches to financial intermediation, scaling up investments, and supporting the momentum of investing in new asset classes with long-term social, environmental and economic benefits," he stressed.
"To support this overall objective, we are bringing the conversation to the forefront of the annual Abu Dhabi Sustainability Week in January 2019. At this event, key industry leaders, ESG champions and other decision-makers will be invited to discuss and identify practical initiatives and collaborations that drive sustainable finance."
He went on to say that ADGM invites like-minded international and regional stakeholders to work with us to drive the sustainable finance agenda. "Each of us have a part to play in safeguarding our environment, our communities and our economies. Governments, financial institutions, and private financial markets should work together to direct adequate flows of resources into sustainable investment," Al Sayegh added.
The G20 Investor Forum aims to facilitate dialogue between governments and institutional investors, and identify areas for collaboration that have the potential to increase the flow of capital towards long-term sustainable investments in G20 markets and around the world, and to support sustainable economic growth.
Among speakers at the forum are high officials including Nicolas Dujovne, Minister of Treasury of Argentina, Sri Mulyani Indrawati, Minister of Finance of Indonesia, Bruno Le Maire, Minister of Finance of France, Felipe Larrain, Minister of Finance of Chile, Mohammed bin Abdullah Al Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, Ahmed Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market, Dr. Jim Yong Kim, President of the World Bank Group.
Source: UAE Ministry of Foreign Affairs