ADGM joins the Central Banks and Supervisors Network for Greening the Financial System (NGFS)
Source: ADGM , Author: Posted by BI-ME staff
Posted: Wed June 12, 2019 11:39 am

UAE. Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) in Abu Dhabi, is pleased to share 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 United Arab Emirates (UAE) and 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 support 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. ADGM is well placed to develop a sustainable finance ecosystem catering to the needs of local and international investors. 


About the Central Banks and Supervisors Network for Greening the Financial System (NGFS)
The NGFS, launched at the Paris One Planet Summit on 12 December 2017, is a group of Central Banks and Supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilize mainstream finance to support the transition toward a sustainable economy.

The NGFS is chaired by Frank Elderson, board member of De Nederlandsche Bank and its Secretariat is provided by Banque de France. The NGFS brings together central banks and supervisors - representing five continents, half of global greenhouse gas emissions and the supervision of two thirds of the global systemically important banks and insurers.

About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. 

Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.  

Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*  

For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM

* Source : The Global Investor Middle East and North Africa (MENA) Awards

 

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