DUBAI: Dubai International Financial Centre hosted the first summit dedicated to advancing the COP28 climate action agenda in the global finance industry, Emirates News Agency reported on Thursday.
More than 500 people attended the first of a series of finance summits to spur proactive action in the industry to lead the charge on climate change and accelerate the green transition.
The event featured a panel of speakers from leading investment firms, banks and financial service providers, who discussed the sector’s COP28 priorities and how to implement best practice decision-making across their organizations.
The summit was presided over by Dame Heather McGregor, who wrote columns in the Financial Times under the name Mrs Moneypenny from 1999-2016.
Simon Thompson, author of “Green and Sustainable Finance” and CEO of the Chartered Banker Institute, discussed how finance can power the green transition by ensuring capital flows to firms, investments, projects and technologies working to create a sustainable, low-carbon world.
Senior executives from ING, Zurich Insurance, and NatWest Group also discussed their commitment to achieving net zero.
At the event, the findings of the first Global Islamic Finance Retail Banking Survey and their implications for the UN Sustainable Development Goals (SDGs) were released.
According to the survey, 90 percent of Islamic banking customers from a variety of markets believe it is critical that their bank offers products that are aligned with the SDGs.
About 86 percent said it is critical that the financial products they buy align with their personal values and ethics.
And 87 percent are willing to pay more for financial products that support the SDGs.
“DIFC and our clients are leading the approach on how the finance industry can play a significant role in tackling the climate crisis,” Christian Kunz, head of group strategy and innovation at DIFC, said.
Kunz added: “In alignment with the UAE’s priorities for hosting COP28, the first in a series of summits held at DIFC provided the ideal platform for influential contributors from the sector to come together and drive ideas forward to accelerate climate action.
“As a significant contributor to the sustainable economic growth of the Emirates, the DIFC is deeply committed to actively contributing to the UAE’s role as host of the next UN climate talks — the second largest in the history of climate summits.”
Omar Shaikh, managing director of the Global Ethical Finance Initiative, said: “Financial institutions need a greater sustainability focus if we are to overcome the very real threat of climate change, particularly for developing nations.
“The pressure on the industry will only continue to increase ahead of COP28 and financial institutions will be challenged to play a key role in climate action.
“The maturity and foresight of the UAE government and the DIFC’s leadership as a world-class financial center shows the nation’s unwavering commitment to tangible outcomes.
“This summit helped UAE-based financial institutions to understand what COP28 means to them and provided practical direction on how to successfully shift to a low-carbon world.
“Together with the DIFC, we look forward to encouraging and supporting the regional industry to both set the tone of ambition and practically accelerate the transition toward delivering net zero.”
