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Monday, April 15, 2024

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Dubai’s financial center summarizes progress of Islamic investment initiatives since COP28

UAE: Since the 28th Conference of the Parties of the United Nations Climate Change Conference (COP28), which concluded on the 13th December 2023 in Dubai, a few milestones have been achieved through the collaboration of stakeholders in the finance industry to deliver on their promises to move toward a climate-resilient future.

To this end, the Dubai International Financial Centre (DIFC) co-hosted with Global Ethical Finance Initiative the ‘100 Days from COP28: Commitment to Action’ event, which updated stakeholders on the progress made and the practical actions being taken to support the UAE’s transition to the green economy.

These include the DIFC’s agreement with Climate Bonds Initiative (CBI) to jointly develop Islamic finance-related initiatives.

“(The) DIFC’s recent MoU with CBI includes the establishment of a regional office to enhance market awareness, and the development of Green Sukuk Standards (GSS), a form of standardization developed in conjunction with the Dubai Sustainable Finance Working Group covering water, bioenergy, low carbon buildings, land transport, shipping, solar, wind and waste management.

Considered a viable mechanism to help increase the credibility of responsible Islamic investing, the partnership could equally prove effective in benchmarking tools for syndication and the development of asset and wealth management products,” a statement read.

The DIFC also issued its first ESG Fee Waiver for sustainability-related debt issuances to Emirates NBD Bank, and the international financial center has also started waiving all regulatory fees for issuers listing sustainability-related debt securities throughout 2024.

““As we reflect on the legacy of COP28 and the milestones achieved during the ‘Path to COP28’ campaign, it is evident that translating commitments to action requires the concerted efforts and collaboration of a diverse range of partners and stakeholders,” commented Alya Al Zarouni, COO of the DIFC Authority.

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