The second edition of the R.A.C.E (Regulation, Awareness, Collaboration, Ecosystem) Sustainability Summit kicked off today at Abu Dhabi Finance Week (ADFW), setting the stage for critical discussions on climate finance on the opening day of COP28. Presented by Abu Dhabi Global Market (ADGM) in collaboration with HSBC, the summit aimed to reinforce the UAE’s commitment to advancing the global sustainability agenda, bringing together influential voices from the financial and regulatory sectors.
The focal point of the summit was a deep dive into the transformative potential of Climate Finance, with a particular emphasis on addressing the staggering USD 11 trillion capital gap required for achieving net-zero emissions. Keynote addresses and panel discussions led by prominent figures explored strategies to bridge this gap, financing the transition to a net-zero economy, carbon markets, and sustainable capital markets.
A highlight of the event was the Global Financial Regulators Summit, where leaders in financial regulation discussed their pivotal role in shaping the future financial landscape, especially concerning climate financing. Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators, delivered a keynote speech advocating for a paradigm shift that highlights both the investment opportunities and risk mitigation aspects of climate finance to ensure global financial stability.
High-profile speakers included Ronald P. O’hanley, Chairman & CEO of State Street Corporation, discussing the evolving strategies of asset managers in approaching transition finance, and H.R.H Prince Khaled bin Alwaleed bin Talal Al Saud, Founder & CEO of KBW Ventures, addressing ‘impact investing’ for investors during a transitioning era.
The event saw 28 new signatories for the Abu Dhabi Sustainable Finance Declaration, bringing the total count to an impressive 145, showcasing a growing commitment to sustainability and climate financing. Several key announcements further underscored the summit’s significance, including NinetyOne’s intention to establish a presence at ADGM in 2024 and Independent Financial Services Group – Rothschild & Co., Eiffel Investment Group, and TimeToAct receiving In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of ADGM.
Innovations also took centre stage, with NewVest unveiling the world’s first Private Green Energy Transition Funds Index (GET-PIF), poised to be a capital gateway for private investments critical to supporting a successful energy transition.
Emmanuel Givanakis, CEO of the FSRA of ADGM, expressed pride in hosting an event that brings together global thought leaders to explore innovative solutions for a more sustainable future. Looking ahead, he stated, “At ADGM, we see ourselves as an important driving force in the UAE’s journey towards a net-zero future by 2050, creating an ecosystem with a robust regulatory framework that champions sustainable finance and climate transition.”
