ABU DHABI, 6th July, 2020 (WAM) — Abu Dhabi Global Market, ADGM, and the International Renewable Energy Agency, IRENA, have announced the signing of a Memorandum of Understanding to signify their joint commitment to progressing sustainable finance across the UAE and the wider region.
Through the MoU, ADGM and IRENA solidified their mutual dedication to promoting solutions that facilitate investment in renewable energy. The agreement was signed by Dhaher bin Dhaher AlMheiri, CEO of the ADGM Registration Authority, and Francesco La Camera, Director-General of IRENA.
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.”
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 ADGM and IRENA’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, ADGM and IRENA 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, and the UAE Ministry of Finance.