Building on the outcomes of COP29, the legacy of COP28 with its landmark UAE Consensus, which was hosted in Dubai last year, Dubai International Financial Centre (DIFC) has unveiled its Decarbonisation Strategy.

 

The Centre will play a vital role in contributing to the UAE Net Zero 2050 strategic initiative by committing to achieve its Net Zero targets by 2045. In its Decarbonisation Strategy, DIFC targets reducing emissions in areas it directly controls relating to its operations, construction activities and supply chain, setting an example for financial centres worldwide. DIFC’s Decarbonisation Strategy aims to achieve real Net Zero without offsetting or trading carbon emissions.

 

The Future Sustainability Forum 2024, which concluded at DIFC on December 5, also served as a platform to launch DIFC’s inaugural Sustainability Progress Report titled ‘Building a Sustainable Future: DIFC’s Path to Impact’ detailing achievements and a roadmap for sustainability.

 

Climate Tech World Cup

The Forum also hosted the Climate Tech World Cup. Organised by Trescon and powered by Ignyte, it is a call to action for entrepreneurs, innovators, and visionaries from across the globe. 

 

Participants were encouraged to present their ideas and solutions to address the pressing environmental challenges of our time. Finalists included Acklo, Baynunah Watergeneration Technologies, Green Worms, Mahawa, The Surpluss, Sirius Energy and Zeroe.

COP29 signified the midpoint of the “COP Presidencies Troika”, a collaborative effort between the UAE (hosted COP28) and Brazil (host to COP30 in 2025) that aims to accelerate progress toward the 1.5°C goal. DIFC’s Future Sustainability Forum and announcements come amidst new targets and outcomes from COP29, which will strengthen the UAE’s efforts to mitigate climate risk. 

 

Essa Kazim, Governor of DIFC, commented: “The Future Sustainability Forum serves as a critical platform that enables global collaboration, knowledge sharing, and finding practical solutions for climate change and sustainable development. In light of COP29 outcomes, we are pleased to announce DIFC’s Decarbonisation Strategy, where we are setting new standards for environmental leadership. We remain at the forefront of solidifying Dubai’s position as the leading sustainable financial city in the region. Today, we are setting a new benchmark for decarbonisation within global financial centres and aim to achieve Net Zero in 2045, five years ahead of the UAE’s targets.”

 

Issuance of GSSB

Figures from Bloomberg’s Capital Markets League Tables has showed that annual issuances of green social, sustainable, and sustainability-linked bonds (GSSB) in the Middle East and North Africa (Mena) in 2023 hit a new record of $24 billion, driven by the UAE and Saudi Arabia. The UAE leads regional green bond issuance, recently reaching $10.7 billion, up nearly 170% and capturing approximately 45% of regional totals.

 

As a leader in global climate action, the UAE has strengthened its role in driving efforts to mobilise climate finance with several global initiatives. These efforts advance the global climate agenda, further international co-operation in environmental sustainability, and support the green transition. 

 

DIFC is also bolstering its position as a regional and global hub for sustainable finance, innovation, and leadership, building on the dialogues initiated during COP28 and enhanced through COP29. 

 

DIFC Sustainable Finance Catalyst

Launched during COP28, the DIFC Sustainable Finance Catalyst is a cornerstone initiative in supporting start-ups and innovation in the sustainable economy by scaling sustainable financial flows from Dubai to $100 billion by 2030, enabled by the first AI-driven sustainability knowledge hub. A workstream for the Future Sustainability Forum will be added to the 2025 Dubai FinTech Summit, creating opportunities for cross-sectoral growth between sustainability, ESG and innovation.

 

Bringing together 3,000 industry leaders, government officials, and sustainability experts to explore innovative solutions for achieving net-zero targets, advancing sustainable finance, and driving sustainability-led innovation, the Future Sustainability Summit hosted over 500 global investors and more than 100 speakers.--TradeArabia News Service