DIFC, Global Ethical Finance Initiative Launch Partnership to Support COP28 Climate Agenda

Jerusalem, 24 October, 2022 (TPS) -- DUBAI, 24th October 2022 (WAM
Dubai International Financial Center (DIFC) today announced a year-long partnership with the Global Ethical Finance Initiative (GEFI), ahead of the United Nations Framework Convention on Climate Change’s 28th Conference of the Parties (COP28) taking place in Expo City Dubai.

COP28 will be held in November 2023 and will see world leaders from the public and private sectors congregate to make progress on climate related matters.

With the UAE hosting COP28, and DIFC being a significant contributor to the sustainable economic growth of the Emirate, the Centre is leading by example and announcing their path to COP28 partnership just over 12 months before the event takes place.

DIFC and GEFI will drive change across the world’s financial industry relating to delivering net zero; unlocking Islamic Finance; financing nature and biodiversity; and financing sustainable development goals. As the host financial center for GEFI’s Path to COP28 program, DIFC will support a series of report launches, roundtables and community engagements during the next 12 months.

The partnership was launched at DIFC with a keynote presentation by Dame Susan Rice, one of the most influential women in banking, who Chairs the GEFI Global Steering Group. Dame Susan, the first woman to head a UK clearing bank, also Chairs the Financial Services Culture Board in the UK and enjoyed a seven-year term as a non-executive Director of the Bank of England.

Attendees also heard from the General Council for Islamic Banks and Financial Institutions (CIBAFI) Secretary General, Dr. Abdelilah Belatik, and Fajr Capital’s CEO, Iqbal Khan.

Arif Amiri, Chief Executive Officer of DIFC Authority, said, “DIFC and GEFI are delighted that the financial services sector is the first industry to launch a program that aligns with the UAE government’s COP28 agenda. DIFC is perfectly placed to be the host financial center for the Path to COP28 program given the progress we have already made and will continue to make on climate related matters with our clients. We are looking forward to working with the GEFI and senior members of the local, regional, and international finance community to embrace this initiative and truly make a difference.”

Omar Shaikh, Co-Founder and Managing Director of GEFI, said, “Our Path to COP28 campaign seeks to encourage and support financial institutions in transitioning from commitment to actual implementation, measurement and reporting. The maturity and foresight of the UAE government and DIFC as a world-class financial center is critical to encouraging the regional financial sector to ramp up its environmental awareness and commitment towards achieving the COP targets.”

The partnership aligns with DIFC’s Strategy 2030 and reflects its progress on driving Dubai’s reputation as the region’s leading sustainable financial hub. This is being achieved through its chairmanship of the Dubai Sustainable Finance Working Group (DSFWG), which was established in 2019.

The Path to COP28 initiative also complements the recent launch of the DSFWG self-assessment tool for measuring the maturity of Environmental, Social and Governance (ESG) policies and practices in companies.

GEFI’s previous Path to COP26 campaign was supported by the City of London Corporation and brought together several signatories, including 20 financial institutions representing £2 trillion in assets, to drive finance for positive change at the Glasgow COP.

Members of the finance community can find out more about the Path to COP28 – and register their interest to be involved – on difc.ae.