Sustainable finance key component of UAE’s economic future …

Sustainable finance key component of UAE’s economic future …

Sustainable finance may once have been a “niche subject”, it is now a key component that will shape the UAE’s economy, the Minister of Economy said today.

Speaking just days before the opening of climate summit COP28 in Dubai, Abdullah bin Touq Al Marri said, told the Abu Dhabi Economic Forum, that sustainable finance, once a niche subject is now the “new kid on the block”.

“Our government truly believes in it, and we are committed to creating a conducive environment for responsible investment in the UAE, and we have the ambition of becoming a global hub for green finance,” he said.

“We understand that sustainable finance and responsible investing are essential components of the global financial landscape,” he said.

Other components shaping the UAE’s economic future cited by Al Marri were new economies, or investments in new economic sectors, and major industries such as artificial intelligence (AI) technology and advanced manufacturing.

Al Marri also cited carbon trading, which he described as a “crucial market”. Last week Dubai Financial Market (DFM) announced that it was launching carbon credit trading, while Abu Dhabi Global Market (ADGM) announced its own launch last year.

“Our goal is to foster an environment to that encourages responsible