The Ministry of Climate Change and Environment (MOCCAE) today announced a new partnership with the Abu Dhabi Global Market (ADGM) to embed sustainable finance in the UAE and wider region.

The Memorandum of Understanding (MoU) was signed by the Minister of Climate Change and Environment and His Excellency Ahmed Ali Al Sayegh, UAE Minister of State and Chairman of ADGM, on the sidelines of the Abu Dhabi Climate Meeting – the precursor for the UN Climate Action Summit.

The key details of the deal include:

• Attracting private investment and cutting-edge technologies to the country by addressing regulation and funding gaps;
• Creating an information exchange in international sustainable finance;
• Contributing to the formation of a comprehensive regulatory and legal framework for sustainable finance in the UAE and the wider region.

Under the Paris Agreement, the UAE pledged to place sustainability at the core of its strategies. MOCCAE’s cooperation with ADGM will further develop sustainable financial markets to achieve the objectives of the UAE Green Agenda 2030, and the National Climate Change Plan 2050.

Speaking on MoU, His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, said: “I’m delighted that today we have made a huge step in advancing our response to climate change with this new partnership with the ADGM free zone. We know that climate action makes economic sense, and as we grow our financial services industry here in the UAE we are determined to do so sustainably.

“And so today we make Abu Dhabi the go-to, natural, professional environment for clean technology and say to potential investors: we are open for conversations about how our frameworks and capacity can support you, see what we have to offer.”

His Excellency Ahmed Ali Al Sayegh, UAE Minister of State and Chairman of ADGM, said: “Over the years, the UAE government has taken bold and firm steps to establish and maintain a sustainable economy and environment for our future generations. As an international financial center, Abu Dhabi Global Market (ADGM) plays an active role in supporting and enabling our industries, the financial sector and the overall economy to achieve their goals and enjoy sustainable growth for the long term.  We are pleased to work closely with the Ministry of Climate Change and Environment and like-minded partners on greater adoption of clean technology, green solutions and sustainable finance in our marketplace and across the region.”

The UAE saw the business case for climate action early, and is already profiting from its investments. Its green technology and businesses are supported by the underlying policy of the government that climate action in the UAE is an all of economy and society approach.