ABU DHABI, Abu Dhabi Global Market (ADGM) announced that its Financial Services Regulatory Authority (FSRA) has joined the Central Banks and Supervisors Network for Greening the Financial System, NGFS, to further ADGM’s commitment in advocating sustainable financing in the UAE and Middle East and North Africa (MENA) region.
As part of its first action as a member, the FSRA welcomes and supports the recommendations made in a report, “A call for action � Climate change as a source of financial risk”, published in April 2019 by the NGFS.
The NGFS, launched in December 2017, is the only international forum that brings together central banks and supervisors from global jurisdictions who are committed to better understand and manage the financial risks and opportunity of climate change, and to mobilise mainstream finance to support the transition toward a sustainable economy.
The membership resonates with the FSRA’s ongoing initiatives and efforts in establishing a holistic ecosystem and vibrant sustainable finance hub in UAE to support capital formation and products that achieves positive economic, social and environmental objectives. The FSRA looks forward to supporting the NGFS in their purpose and initiatives in developing and advocating environment and climate risk management in the financial sector.
ADGM launched its Sustainable Finance Agenda in January 2019 focusing on (i) integration of sustainability into its regulatory framework, (ii) closer national and international cooperation, (iii) greater knowledge, awareness and communication in the marketplace, and (iv) creation of a vibrant sustainable finance ecosystem in ADGM.
ADGM is also actively aligned to and support key UAE initiatives, such as the UAE Vision 2021 and the UAE Green Agenda 2015-2030.
Source: Emirates News Agency