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Climate Finance Top of the Agenda at The Second Edition of R.A.C.E. Sustainability Summit Held on the Opening Day of COP28 in the UAE

by PRNW Agency
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  • Part of Abu Dhabi Finance Week, R.A.C.E. served as a platform that discussed many critical topics financing the transition to a net-zero economy, climate finance, carbon markets, and sustainable capital markets.
  • Some of the gripping sessions had renowned speakers such as H.H. Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, H.R.H Prince Khaled bin Alwaleed bin Talal Al Saud and Ronald P. O’hanley.

ABU DHABI, UAE, Nov. 30, 2023 /PRNewswire/ — The second edition of the R.A.C.E (Regulation, Awareness, Collaboration, Ecosystem) Sustainability Summit took place today at Abu Dhabi Finance Week (ADFW) presented by Abu Dhabi Global Market (ADGM) in partnership with HSBC. R.A.C.E Sustainability Summit aimed to reaffirm the UAE’s commitment to advancing the global sustainability agenda, capping a series of discussions, insights, and forward-thinking solutions that are set to shape the future of finance.

 

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During this event, R.A.C.E. delved into the critical question of whether Climate Finance represents the greatest capital reallocation in history. The conference aimed to identify strategies to bridge the USD 11 trillion capital gap between what is required for achieving net-zero emissions and the capital currently available for such initiatives.

The summit focussed on addressing a wide range of topics including financing the transition to a net-zero economy, climate finance, carbon markets, and sustainable capital markets. These discussions were led by prominent figures from the financial and regulatory sectors through keynote addresses and panel discussions.

In tandem, the Global Financial Regulators Summit, a key highlight of the event, presented the outcomes from a pivotal gathering of global financial regulatory leaders, shedding light on the role regulators play in shaping the financial landscape of the future, especially for climate financing.

A keynote speech by Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators (UICCA) and Founder of the Shamma bint Sultan Sustainability Initiatives Social Enterprise, spoke on reframing the paradigm to emphasising both the investment opportunity and risk mitigation aspect of climate finance to create global financial stability. Other prominent speakers such as Ronald P. O’hanley, Chairman & CEO of State Street Corporation spoke about the evolving strategies of asset managers as they approach transition finance, and H.R.H Prince Khaled bin Alwaleed bin Talal Al Saud, Founder & CEO of KBW Ventures about ‘impact investing’ for investors during a transitioning era.

The event also witnessed 28 new signatories for the Abu Dhabi Sustainable Finance Declaration, bringing the total count of signatories to 145, and showcasing their commitment to sustainability and climate financing.

Among the several announcements during today’s R.A.C.E. Sustainability Summit, the key ones included NinetyOne announcing the firm’s intention to establish a presence at ADGM in 2024 and Independent Financial Services Group – Rothschild & Co., European fast-growing asset manager – Eiffel Investment Group and TimeToAct announcing receiving their In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM.

Other major announcements included, NewVest announcing the world’s first Private Green Energy Transition Funds Index (GET-PIF) which is set to be a capital gateway for private investments critical to supporting successful energy transition.

Commenting on the event, Emmanuel Givanakis, CEO of the FSRA of ADGM stated, “The second edition of R.A.C.E. Sustainability Summit at ADFW has reinforced the importance of the global financial community’s collective commitment to addressing climate change. We are proud to host an event that brings together global thought leaders and experts to explore innovative solutions for a more sustainable future. At ADGM, we see ourselves as an important driving force in the UAE’s journey towards a net-zero future by 2050 as we create an ecosystem with a robust regulatory framework that champions sustainable finance and climate transition. As we stand on the cusp of profound change, our unwavering commitment empowers both the public and private sectors to join forces in closing the green financing gap that expedites the transition to net zero while also shaping the sustainable financial landscape of the future alongside the COP28.”

R.A.C.E served as a pre-prep event for COP28 where critical negotiations related to Climate Finance took place. ADGM plans to continue this conversation at a much higher level at COP28, being the official Principle Climate Finance Partner and hosting the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) on the 4th of December 2023, convening important decision-makers and contributors to sustainable finance and ESG initiatives across global borders.

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