There has been a global acceleration in the demand for sustainable finance.
Cop26 in Glasgow and Cop27 in Sharm El Sheikh received universal coverage. But the pressure is not only from non-governmental organisations and the media. Governments and central banks are trying to meet net-zero pledges and nationally determined contributions on greenhouse gases. Regulators are also putting pressure on financial institutions to better identify their ESG (environmental, social and governance) risks and embed those factors into their framework.
Two-pronged threat
Based on the concept of double materiality, financial companies must now account both for their effect on sustainability and their contribution to the Sustainable Development Goals — including climate change — as well as for the impact of ESG risk on their lending or investment portfolios. This is not only about risk management. It is also about competitive positioning in a trillion-dollar market.
But the more they progress into this new world of sustainable finance, the more challenges banks, insurance companies, asset managers and owners face.
The first challenge is that they need data that measures and tracks their non-financial performance. They have to populate their models with new types of technical data, for example on climate risk, such as physical risks or Scope 3 emissions.
The difficulty is not only in selecting third-party data providers and adjusting models, but also in the complexity of securing the proper assurance framework in line with The Basel Committee on Banking Supervision (BCBS) 239 principles.
Second, companies have to review and implement revised policies to integrate ESG factors into everything they do. This will not be an overnight shift. Where to start? And how to ensure consistency across policies and controls in the transition phase?
Third, companies will want to act quickly on new products to contribute to the transition and benefit from the business opportunities. But recent greenwashing scandals are increasing legal and reputational risks. Fines have been imposed on the likes of BNY Mellon and Goldman Sachs. The broader story with DWS in Germany, which is under investigation by the German authorities and has been sued by a consumer group for greenwashing, could lead to new legal precedents.
At a time when standards are still in flux, with the first International Sustainability Standards Board (ISSB) principles to be released this year, finding the appropriate framework to ensure that ‘green’ products are really green is a work in progress. As an illustration, the European green taxonomy, one of the most advanced in the world, has already published more than 2,000 pages on only one of the six environmental objectives.
The avalanche of recommendations and lack of settled standards leads to communication and reporting issues. Even if some frameworks are already in place, such as the Basel Pillar 3 disclosure requirements for banking, or the TCFD (Task Force on Climate-related Financial Disclosures) recommendations for reporting climate risk, they are still in their early days.
Hundreds of pages are now published on sustainability and ESG every year but they are hard to compare, still lack proper assurance processes and have limited audit review.
These are only some of the complexities that the industry is facing when trying to address the sustainability challenge and cope with new ESG and climate regulations.
There is plenty of pressure on companies to find their way to contribute to the sustainability agenda — but there are no easy answers when it comes to how to do that.
Emmanuel Rondeau is a visiting professor and senior advisor for banking studies at the London Institute of Banking and Finance Mena
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
The%20specs
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
THREE
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SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
UAE currency: the story behind the money in your pockets
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
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The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
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Dengue%20fever%20symptoms
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How to help or find other cats to adopt
Company%20Profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
