The UAE Sustainable Finance Working Group, comprised of local regulators and exchanges chaired by the Abu Dhabi Global Market, issued a high-level statement on sustainable finance, detailing their commitment to achieving the UAE’s sustainability objectives and the recently announced net-zero 2050 programme.
The statement, issued on the sidelines of the Glasgow Cop26 summit, outlines three key deliverables: a targeted study aimed at encouraging consistent environmental social and governance corporate disclosure standards across the UAE, examining how to strengthen good corporate governance by UAE companies, and, crucially, developing a UAE taxonomy of sustainable activities, which constitutes a major milestone defining the path for economic transition to sustainable development.
The group includes the Ministry of Economy, the Ministry of Finance, the Office of the UAE’s Special Envoy for Climate Change, the Ministry of Climate Change and Environment, the Central Bank of the UAE, the Securities and Commodities Authority, the Dubai Financial Services Authority, the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai.
"Addressing the impact of climate change has never been more critical, and the financial regulators must work together to establish standards and norms that support the development of a sustainable economy with long term value returns," Ahmed Jasim Al Zaabi, chairman of ADGM, said.
"As key UAE regulators, we at ADGM are responsible for setting out robust frameworks that promote greater adoption of sustainable financing, to support the nation’s ambitious net-zero objective."
Investors in the UAE are increasingly seeing the benefits of integrating sustainable investing into their portfolio, with a recent study by Swiss investment bank UBS showing that 93 per cent believe it is a crucial part of their financial strategy.
A Standard Chartered survey revealed that 74 per cent of UAE investors want to leave a positive legacy through sustainable investing compared with the global average of 65 per cent.
Globally, the total value of sustainable and responsible investments stood at $35.3 trillion as of 2020, an increase of 15 per cent over the previous two years alone, according to the 2021 Global Sustainable Investment Review.
The UAE's statement sets a clear roadmap for the participating authorities to contribute to the nation's sustainable and climate change objectives, outlined in global frameworks such as the Paris Agreement, the United Nations Sustainable Development Goals and the UAE's own net zero objective.
"Amongst the many areas on which MOCCAE focuses in its commitment to responding to climate change, sustainable finance remains one of the crucial pillars supporting the development of a successful, green, and resilient economy," said Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security.
Addressing the impact of climate change has never been more critical, and the financial regulators must work together to establish standards and norms that support the development of a sustainable economy with long term value returns
Ahmed Jasim Al Zaabi,
chairman of ADGM
"The significant investment in clean and renewable energy sources that will be required to implement the UAE Net Zero by 2050 Strategic Initiative over the course of the next three decades only underscores the critical importance of sustainable finance."
The statement added that the implementation of the deliverables will be achieved through both legislative and non-legislative means and in co-ordination with authorities on the monitoring and technical support required to incorporate sustainability into regulatory frameworks.
"Mitigating the impact of climate change on key economic sectors is a prerequisite for building resilient and sustainable economies. We are committed to devising sustainable finance policies to contribute to the UAE’s net-zero goal and support sustainable economic and social development, which represent a key pillar for the next 50 years," said Younis Haji Al Khoori, undersecretary of the Ministry of Finance.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
First Person
Richard Flanagan
Chatto & Windus
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
Dunki
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
A list of the animal rescue organisations in the UAE
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE currency: the story behind the money in your pockets
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The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Ukraine
Capital: Kiev
Population: 44.13 million
Armed conflict in Donbass
Russia-backed fighters control territory
