18/11/21

UNITED ARAB EMIRATES: Dubai regulator unveils sustainable finance task force in DIFC.

As published on international-adviser.com, Thursday 18 November, 2021.

The Dubai Financial Services Authority (DFSA) has launched a task force on sustainable finance (TFSF) in the Dubai International Financial Centre (DIFC).

This comes weeks after International Adviser surveyed UAE-based advisers and found only 26% said ESG is ‘absolutely’ important to their clients.

Comprised of members from 12 DIFC-based entities, the TFSF aims to drive forward discussions regarding sustainable finance in the centre with the aim of supporting the consistent application and adoption of global regulatory standards.

Among the firms part of the task force are: BlackRock, Credit Agricole Corporate and Investment Bank, HSBC Bank Middle East, Lloyd’s of London, Moody’s Investors Service Middle East, Natixis, PwC, Standard Chartered, Sumitomo Mitsui Banking Corporation and Zurich Insurance Company.

The SFTF will meet in January to discuss the next steps and how issues surrounding sustainable finance could be progressed.

F Christopher Calabia, chief executive of the DFSA, said: “The financial services sector has an important role to play in ensuring that we leverage the power of the purse to reduce emissions and funnel capital toward innovations in energy and carbon capture that will help us to flatten the curve of increases in average temperatures.”