Dubai [UAE], October 4 (ANI/WAM): In the presence of greater than 1000 business leaders and changemakers from throughout 30 nations, Dubai International Financial Centre (DIFC) opened the primary ever Future Sustainability Forum (“The Forum”) as we speak on the Ritz-Carlton, DIFC.

Held within the run-up to COP28, the Forum spotlights DIFC’s imaginative and prescient of fostering international options to deal with local weather financing necessities in rising markets. The two-day Forum has convened main business stalwarts, decision-makers, and innovators from around the globe to discover methods for the monetary sector to guide motion on local weather change.

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Led by 50+ audio system, discussions on the opening day of The Forum centred on actionable methods for selling a simply transition to a sustainable financial system and aligning efforts with the long-term objectives of the Paris Agreement and the United Nations Sustainable Development Goals for 2030.

Delivering the opening remarks, Essa Kazim, Governor, DIFC, stated: “The UAE and Dubai government have spearheaded a range of comprehensive sustainability programmes in the pursuit of a net zero future. By connecting investors and funds from Europe, Asia, and Africa with growth-markets, Dubai and DIFC have taken leading roles in driving climate finance mobilisation in the region. As a pioneer in shaping sustainable finance in the region, DIFC’s hosting of the Future Sustainability Forum marks a crucial step in the Centre’s journey to drive tangible progress on climate action in alignment with the COP28 agenda and achieve the long-term goals of the Paris Agreement.”

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The Forum’s agenda helps COP28’s 4-pillar plan on fast-tracking the transition, fixing local weather finance, specializing in adaptation to guard lives and livelihoods, and making COP28 absolutely inclusive. Globally, an estimated USD 3.3 – 4.5 tn is required yearly to attain the 2030 Agenda for Sustainable Development. To facilitate this, DIFC helps development of the sustainable debt market inside Nasdaq Dubai. As of September 2023, Nasdaq Dubai is the biggest ESG sukuk market on the planet, accounting for roughly 64 per cent of the world’s dollar-denominated sustainable sukuk (USD 16.4bn out of USD 25.8bn) and 46 per cent of the world’s all-currencies sustainable sukuk (USD 17.5bn out of 38.3bn).

The signing of two MoU agreements on the Future Sustainability Forum is additional testomony to the town’s function in growing the supply and accessibility of local weather finance and factors to The Forum’s efforts to channel funding flows between the Global North and Global South.

Arif Amiri, Chief Executive Officer, DIFC Authority, stated: “At DIFC, we recognise that finance is a powerful tool for positive change. By unlocking opportunities for the sector to connect, here at the Future Sustainability Forum, our goal is to pioneer change and foster collaboration as we drive the transformational shift needed to accelerate a sustainable future for all. This is in line with the agenda of the upcoming COP28, which places a strong emphasis on financial commitments to support developing nations in their transition to green economies. By hosting The Forum, DIFC is further advancing COP28 priorities and reinforcing its leadership role in catalysing sustainable finance and innovation in the region.”

The opening day of The Forum provided contributors the chance to attend panel discussions, closed door roundtables, and hearth chats and interact with key stakeholders together with business titans, traders, tech disruptors, and policymakers. Among the important thing subjects mentioned on Day 1 included ‘The Path to creating Dubai a Global Sustainable Finance Hub’, ‘Integrating ESG into Decision-Making’, ‘Mobilising Finance for Climate Action: Looking Ahead to COP28’, and ‘Harnessing the Power of Private Finance for Sustainability’.

Day 2 of The Forum guarantees extra insightful discussions on related subjects together with ‘Nature-based options essential function in attaining net-zero emissions’, ‘Innovations for Transparency: Disruptive Technology within the Carbon Offsetting Space’, ‘Harnessing the Power of Renewables: A Bright Future Amidst Complexities’, and ‘Climate Risk Integration into Financial Planning’.

DIFC’s internet hosting of the inaugural Future Sustainability Forum holds nice significance within the lead-up to COP28 and is aligned with the Centre’s chairmanship of the Dubai Sustainable Finance Working Group (DSFWG), established in 2019. The Forum additionally harmonises with DIFC’s 2030 Strategy, aligning with Dubai’s prominence as a worldwide chief in Green and Sustainable Bonds and Sukuk. (ANI/WAM)

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