Abu Dhabi Global Market, the UAE capital’s international financial hub, on Wednesday announced that it has achieved a “carbon-neutrality” status by offsetting its 2021 carbon emissions as an organisation.
The announcement positions ADGM as the first international financial centre in the world to be carbon neutral.
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.
The initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.
Speaking at the Abu Dhabi Sustainable Finance Forum (ADSFF), part of this week’s Abu Dhabi Sustainability Week, 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.”
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.
Together, these members seek to foster more sustainable financing activities and responsible investments and address matters that affect the financial sector and long-term well-being of the UAE.
During the forum, ADGM also unveiled a series of new initiatives and programmes designed to support the sustainable finance agenda including the ADGM Sustainable Finance Platform which aims to promote and accelerate sustainable finance activities and decision-making among investors and stakeholders by providing them with real-time access to UAE and regional sustainable finance market data.
The ESG Intelligence Sustainable Finance Report will also see ADGM working with the Oxford Business Group to highlight Abu Dhabi’s efforts and contributions towards the developments of the sustainable finance industry.
ADGM opened for business in October 2015.
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