The growth and development of the UAE’s economy remain a key focus across Abu Dhabi Global Market’s initiatives and efforts/Shutterstock
by Kudakwashe MuzoriwaUAE’s leading financial authorities have published the country's first set of Guiding Principles on Sustainable Finance.
The Guiding Principles on Sustainable Finance serves as a catalyst to increase the implementation and integration of sustainable practises among UAE financial entities and will secure the health and longevity of the nation’s economy.
According to the Abu Dhabi Global Market (ADGM), the contributing authorities will encourage UAE financial firms to incorporate sustainable practise considerations in their business activities, decision making, risk management and in the context of exploring new businesses.
Premised on the UN Agenda for Sustainable Development, the initiative was implemented as a result of collaborative efforts from ADGM, the Central Bank of the UAE as well as the Insurance Authority of the UAE and the Securities and Commodities Authority.
The implementation of the principles support signals the UAE recognition of the importance of Environmental, Social and Corporate Governance (ESG) factors to the investor community. Similarly, at the regulated community level, the principles aim to facilitate the UAE’s transition to a more sustainable economy and help organisations to develop strategies which re-orientate and diversify the country’s economy.
Additionally, the Dubai Financial Services Authority, the Dubai Islamic Economy Development Centre as well as the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai also collaborated in the implementation of the guiding principles.
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