ESG | GREEN FINANCE
If you think green finance is window dressing for companies looking to bolster their sustainability credentials – this article is not for you . If , however , you agree with PwC that green finance will be a US $ 2 trillion market in the Middle East alone , and US $ 22 trillion globally by 2030 – read on .
The facts are clear . Green finance is growing quicker in this region than anywhere else , although admittedly it accounts for a relatively small percentage of the global total . That is sure to change .
In July , Abu Dhabi-based renewable energy company Masdar concluded a US $ 750 million green bond issuance that was 5.6 times oversubscribed . Those funds will help Masdar develop renewable projects in developing countries and those most at risk from climate change .
That cause is close to the heart of Masdar ’ s Chairman Sultan Al-Jaber , who also happens to be the UAE Minister of Industry and Advanced Technology , as well as President-Designate for the upcoming COP28 being held this month in the UAE .
“ It is vital to make finance more available , accessible and affordable for developing economies if we have any chance of meeting climate goals to supercharge sustainable development ,” said Al-Jaber .
“ Ahead of the UAE hosting the UN climate change conference , we must champion initiatives that advance climate finance and decarbonisation .”
Financial institutions are also leading by example , including First Abu Dhabi Bank
88 November 2023