25 entities back sustainable financing cause

Abu Dhabi: At least 25 public and private entities on Wednesday signed the Abu Dhabi Sustainable Finance declaration to support sustainable financing supporting the growth of the UAE’s economy.

The declaration, initiated by Abu Dhabi Global Market (ADGM), is an extension of the continuing cooperation among government, regulators and key UAE and international institutions to establish a healthy sustainable finance industry that supports the country in attaining the United Nations Sustainable Development Goals.

As part of the Declaration, the Central Bank of the UAE, the Securities and Commodities Authority and ADGM will play a facilitative role in working with the members to boost investment flows and support the various agreed provisions.

“We are encouraged to have such positive support from the government bodies, regulators and key institutions to each play a part in fortifying [the] UAE’s commitment towards a healthy and sustainable economy,” said Ahmad Ali Al Sayegh, Minister of State and chairman of the ADGM.

“We will explore all avenues to enable financing of projects and initiatives that strengthen Abu Dhabi’s sustainable financial industry and support the UAE Vision 2021 and the UAE Green Agenda.”

The Securities and Commodities Authority is also working to introduce regulations in the first half of this year to help products — such as green bonds — that comply with sustainability goals, according to its chief executive officer Obaid Al Za’abi.

He also expects couple of initial public offerings (IPOs) this year, depending on the performance of financial markets.