Abu Dhabi Global Market becomes world’s first carbon-neutral financial centre
To achieve this, ADGM purchased and retired all its 2021 carbon credits
Dubai: Abu Dhabi Global Market (ADGM) said it achieved ‘carbon-neutrality’ status by offsetting its 2021 carbon emissions, becoming the first international financial centre to do so.
This development came following ADGM’s recent decision to transform the 4th edition of Abu Dhabi Sustainable Finance Forum (ADSFF) into a carbon-neutral platform and event in UAE. To obtain its carbon-neutral position, ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya project, one of the highest-rated REDD 1+ projects globally, based in Indonesia. This initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.
“We will continue to foster meaningful collaborations with local and global businesses and play our part in supporting the UAE’s Net-Zero by 2050 Strategic Initiative, which is in line with the country’s Principles of the 50 blueprint,” said Ahmed Al Zaabi, chairman of ADGM.
The ADSFF is an extension of the annual Abu Dhabi Sustainability Week and a strategic platform by the UAE financial sector to accelerate sustainable financing and investments and build up a more sustainable economy and future.
At this year’s ADSFF, a new cohort of 18 industry members joined the Abu Dhabi Sustainable Finance Declaration, bringing the total number of members to 59.