The Abu Dhabi Global Market (ADGM) announced on Wednesday that it had achieved carbon-neutrality status by offsetting its 2021 carbon emissions. It is reportedly the world's first carbon-neutral international financial center.
To achieve carbon neutrality, ADGM purchased all of its 2021 carbon credits from the Rimba Raya project in Indonesia, which is one of the highest-rated REDD 1+ projects in the world.
ADGM has recently decided to make the fourth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) a carbon-neutral platform and event in the United Arab Emirates. The ADSFF is a venue for the UAE financial sector to accelerate sustainable financing and investments and establish a sustainable economy. It is an extension of the annual Abu Dhabi Sustainability Week.
The Abu Dhabi Sustainable Finance Declaration gained a new cohort of 18 industry members during this year's ADSFF, increasing the total number of members to 59.
ADGM is also collaborating with the Oxford Business Group on the ESG Intelligence Sustainable Finance Report, which will highlight ADGM's efforts and contributions to the sustainable finance industry's development, as well as how they have been supporting the evolving needs of green asset issuers and investors.
Ahmed Jasim Al Zaabi, chairman of ADGM; Ban Ki-moon, eighth Secretary-General of the United Nations; Younis Alkhoori, undersecretary of the UAE Ministry of Finance; and Jean Lemierre, chairman of BNP Paribas, were among those who spoke at the one-day ADSFF.
“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,” ADGM chairman Al Zaabi said in his opening keynote address at the fourth ADSFF.
To minimize carbon emissions, the UAE has already launched a Net Zero 2050 Strategic Initiative. Until 2050, the country would invest approximately Dhs600 billion on renewable energy.