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ADGM: 15 Dec 2023
Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) of the UAE’s capital and the Principal Climate Finance Partner at COP28, proudly concludes its active participation in the Conference of the Parties (COP28). This pivotal event on the global environmental calendar, showcased ADGM’s significant contributions, steering discussions and initiatives towards a sustainable future, further positioning ADGM as the Capital of Green Capital.
H.E Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development and Abu Dhabi Global Market (ADGM), said: "Our partnership with COP28 is a testament to ADGM's leadership in climate finance. The launch of the Alterra Fund and the Global Climate Finance Centre, in addition to the success of the ADSFF COP28 edition mark just the beginning. We remain to shaping a sustainable future and catalysing positive change."
Home to the World’s Largest Private Investment Vehicle for Climate Change Action
ADGM is the international financial centre of the UAE’s capital and the principal climate finance partner of COP28, is proud to be the home of ALTÉRRA. This newly launched catalytic climate vehicle, established by Lunate, the global alternative investment management company, and the world’s largest private climate investment vehicle, stands as a historic initiative. The United Arab Emirates commitment of USD 30 billion in catalytic capital, positions ALTÉRRA to mobilize USD 250 billion globally by 2030, focusing on transforming emerging markets and developing economies.
Global Collaboration in Climate Finance
Announced by Dr. Sultan Al Jaber, COP28 President during the Finance Session panel on December 1st, the Global Climate Finance Centre (GCFC), headquartered in ADGM, represents a strong collaboration with global founding members including ADQ, BlackRock, Children's Investment Fund Foundation (CIFF), Glasgow Financial Alliance for Net Zero (GFANZ), HSBC, Masdar, Ninety One, and the World Bank Group. This strategic collaboration aims to revolutionise global climate finance frameworks and accessibility.
Special Edition of the Region's Leading Sustainable Finance Event
In a pivotal move that united sustainability and finance on the international stage, ADGM successfully hosted a special edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) during COP28 at Expo City, Dubai, on December 4th, 2023. This impactful event, aligned with the "Finance, Trade and Gender Equality" theme at COP28, was organised in partnership with Masdar as part of Abu Dhabi Sustainability Week (ADSW).
The ADSFF, a central event in climate finance over the past six years, explored four strategic areas: enhancing green capital markets, fostering financing innovation, developing carbon markets, and promoting an equitable climate transition. The forum featured distinguished speakers such as HRH Prince Khaled bin Al Waleed Al Saud, CEO, KBW Ventures, and Michael Mainelli the Lord Mayor of the City of London. They were joined by experts from ADGM’s Financial Services Regulatory Authority (FSRA) and key entities of ADGM’s ecosystem, including Air Carbon Exchange (ACX), Morgan Stanley, Eiffel, BNP Paribas, Tikehau Capital, OffSet8, and Vortex.
Showcasing a Vibrant Community: ADGM Pavilion's Diverse and Collaborative Sessions
The ADGM Pavilion, a hub of thought leadership and collaboration, hosted over 15 sessions in partnership with esteemed organisations. These sessions, ranging from panel discussions to interactive workshops, provided a platform for exchanging ideas, fostering partnerships, as well as advancing the global sustainability agenda.
ADGM’s strategic presence at COP28 represents another milestone in its ongoing contribution to sustainability-related initiatives and strong focus on environmental, social, and governance considerations. ADGM extends its gratitude to its partners and all participants for their invaluable contributions and looks forward to continuing these vital collaborations. As the world looks towards implementing the goals and initiatives set forth at COP28, ADGM remains dedicated to being at the forefront of this global endeavour.
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