By Rafiq Vayani
DUBAI: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, today welcomed more than 3,000 industry leaders, government officials, and sustainability experts to the 2nd Future Sustainability Forum 2024. The event convened global experts to ideate, collaborate and inspire with insights, to accelerate the global transition towards a low-carbon, climate-resilient future, and showcase the UAE’s sustainable practices, specifically in the financial environment.
The first day of the Future Sustainability Forum showcased thought leadership in panel discussions on topics including facilitation and development of green financing mechanisms, enhancing stakeholder engagement for sustainable development, decarbonisation of the energy sector, prominence of building a circular economy, ESG reporting, and a roadmap to a sustainable 2045. The second day of the event will see industry-focused discussions surrounding innovation, digital transformation and smart cities.
The event attracted 100 global speakers from 50-plus countries, highlighting the importance of the UAE’s sustainability initiatives. Notable speakers at the event included H.E Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer, Emirates Steel Arkan (EMSTEEL), Eng. Yousif Al Ali, Chief Executive Officer, Etihad Water & Electricity (EtihadWE), Capt. Saif Al Mheiri, Chief Executive Officer and Chief Sustainability Officer, Abu Dhabi Maritime and AD Ports Group, Yasser Zaghloul, Group Chief Executive Officer, National Marine Dredging Company (NMDC), Dr. Manfred Braunl, Chief Executive Officer, Porsche Middle East and Africa FZE, Dr. Bernd Van Linder, Chief Executive Officer, Commercial Bank of Dubai, Vijay Bains, Chief Sustainability Officer and Group Head of ESG, Emirates NBD, Oliver Philips, Regional Head of Sustainable Finance, Middle East and Africa, Barclays, and Jane Goodland, Group Head of Sustainability, London Stock Exchange Group.
Among the attendees were over 500 global investors, and more than 20 per cent of these investors represent funds with portfolios of USD100mn and above. This robust investor presence emphasised a strong focus on climate technology and renewable energy, underscoring the forum’s role in driving sustainable investment and actionable insights in these critical areas.
Alya AlZarouni, Chief Operating Officer at DIFC Authority, commented, “DIFC is committed to establishing synergies worldwide with governments, organisations, industries, investors and more, to drive the transition to Net Zero with sustainable finance mechanisms. The Future Sustainability Forum enables this transition through collaboration and knowledge sharing that inspires learning. Sustainability requires innovation, considerable finance, education, reporting, and capacity building. At DIFC, we are poised to reinforce our leadership in contributing to the UAE’s climate action strategies and economic development by driving the future of finance.”
During the Future Sustainability Forum, several companies signed agreements to demonstrate their commitment to taking action on climate change. These included Ajman Bank and CarbonSifr who will work together to drive Net Zero and Sustainable Finance Targets; Canon and United Arab Bank on a pioneering climate related initiative in the UAE; and Lafarge for advancing sustainable construction.
Since the UAE ratified the Paris Agreement in 2016 to contribute to climate action, there has been considerable progress in transitioning the country to a more sustainable, climate-resilient, and low-carbon economy. The UAE’s Net Zero agenda is a long-term plan aiming to achieve the sustainable development goals within the country. As a result, sustainable finance has been gaining momentum evidenced by the growth in green bond issuance, implementation of key international and regional projects to foster sustainability and other decarbonisation initiatives within the finance sector.
Dubai – and DIFC – have championed efforts towards driving climate finance mobilisation in the region. At COP28, DIFC announced the launch of its Sustainable Finance Catalyst, a strategic initiative to grow sustainable finance flows from Dubai to USD100 bn by 2030. The future of sustainability lies in innovation, global collaboration, and the transition to a circular economy.
