ADGM Inks Partnership with IRENA to Promote Sustainable Finance

Abu Dhabi, United Arab Emirates, 6 July, 2020 — International Renewable Energy Agency (IRENA), the lead intergovernmental agency for the energy transformation, and the Abu Dhabi Global Market (ADGM), the award-winning international financial centre, have signed a Memorandum of understanding (MoU) to signify their joint commitment to progressing sustainable finance across the UAE and the wider region.

Through the MoU, IRENA and ADGM solidified their mutual dedication to promoting solutions that facilitate investment in renewable energy. The agreement was signed by Francesco La Camera, Director-General of IRENA and Dhaher bin Dhaher, CEO of the ADGM Registration Authority (RA).

Commenting on the agreement, Dhaher bin Dhaher AlMheiri, CEO of the ADGM RA, said: “We are proud to have entered into this MoU, alongside IRENA, as we reinforce our shared commitment to promoting sustainable practices across all sectors. ADGM is continuously looking to work with its strategic partners, locally and internationally, to further the UAE’s sustainability initiatives, including the 2030 agenda, and to safeguard the longevity of the UAE’s financial landscape. ADGM has been a leading force in fostering the adoption of sustainable operations as it aims to develop a thriving sustainable finance ecosystem in the UAE and the wider region.Through multiple sustainability initiatives, programmes and agreements, we hope to continuously collaborate with leading entities, such as IRENA, to secure the longevity and wellbeing of the financial community.” he concluded.

Reflecting on the partnership, Francesco La Camera, Director-General of IRENA, said: “Increasing investments into renewable energy and the energy transformation is essential to building a more resilient energy system and to more prosperous economies. To achieve sustainable economic and environmental development, partnerships between organisations with shared values is essential. The UAE has demonstrated its strong commitment to this future, and through this cooperation we aim to accelerate low-carbon investment flows building more stable, equitable and climate-safe societies.”

As per IRENA and ADGM’s joint agreement, the two organisations have committed to engage with one another to facilitate investment in renewable energy, support in the development of a sustainable finance ecosystem that is inclusive of renewable energy, and support on any ongoing initiatives relating to sustainability. Additionally, IRENA and ADGM will explore additional approaches to support local initiatives, mutually promote their respective platforms, exchange information on important events and support one another in promoting common aims, initiatives and events.

ADGM has highlighted their ongoing commitment to sustainability in the past through various initiatives, programmes and agreements, such as the establishment of their flagship Abu Dhabi Sustainable Finance Forum, championing the UAE Guiding Principles, pioneering the enactment of the Abu Dhabi Sustainable Finance Declaration, and entering into several agreements regarding sustainability with leading entities, such as UAE Ministry of Climate Change and Environment, the Abu Dhabi Authority for Social Contribution (Ma'an), the UAE Ministry of Finance, among many others. The IFC has continuously participated in partnerships of this nature to support the UAE’s 2030 agenda for sustainable development.