The U.S.-U.A.E. Business Council hosted a private members roundtable discussion on sustainable finance with Eng. Aisha Mohamed Abdullah Al Abdooli, Director of the Green Development & Environment Affairs Department at the U.A.E. Ministry of Climate Change and Environment on 17 November 2022 in Abu Dhabi. This roundtable took place on the sidelines of the inaugural edition of the R.A.C.E (Regulation, Awareness, Collaboration, Ecosystem) sustainability summit of Abu Dhabi Global Market’s Abu Dhabi Finance Week. Moreover, it is a member activity presented as part of the Business Council’s Climate Change/COP28 and Finance Working Groups.
Ms. Abdooli discussed the U.A.E. Ministry of Climate Change and Environment’s Sustainable Finance Framework consisting of a set of recommendations to mitigate the private sector’s risks and to incentivize sustainable finance products and initiatives. Ms. Abdooli highlighted the potential for the growth of green finance including through the issuance of green bonds and sukuk. An example of this private sector participation is FAB’s 2017 issuance of green bonds.
She also shared two reports that the Ministry recently released at COP 27: a situation analysis report on the green bond and sukuk market in the U.A.E. and a U.A.E. Green Business Toolkit. This second report presents a roadmap for developing an integrated company net-zero strategy by outlining 92 measures businesses can take to become greener.
Ms. Abdooli highlighted the U.A.E. Ministry of Climate Change and Environment’s taxonomy for sustainable finance, and the importance of dialogue around the concept of energy transition within the global sustainability agenda. She also reflected on the U.A.E.’s potential to be a green finance hub for the region through measures such as the U.A.E.’s Net Zero by 2050 Strategic Initiative, the U.A.E. Sustainable Finance Working Group, and the Abu Dhabi Sustainable Finance Declaration.
Ms. Abdooli shared insights on some of the opportunities and challenges in the sustainable finance space, from both an investment and regulatory perspective. She also engaged businesses in the room with regard to how they can help contribute to the U.A.E.’s sustainable finance goals, particularly as the country prepares to host COP28 in November of 2023. As countries prepare for COP28, Ms. Abdooli emphasized that the focus of the leadership of the U.A.E. is to develop partnerships with the private sector that are innovative and results oriented.
This event with the Ministry of Climate Change and Environment follows two recent events that the Business Council has hosted with the office of the U.A.E. Special Representative for Climate Change H.E. Dr. Sultan Al Jaber with the goal of engaging companies across every sector in pursuit of an impactful COP28.
For more information on the U.S.-U.A.E. Business Council’s work in sustainability and finance or our upcoming events, please contact Graham Reitman at greitman@usuaebusiness.org.
